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Q.7(b) Larger Dental Clinic is a medium-sized dental service specializing in family dental care. The...

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Accounting

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Q.7(b) Larger Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first two quarters of 2014. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere $30,000 25,000 4,000 140,000 140,000 7,000 75,000 100,000 Beginning cash balance Required minimum cash balance Payment of income taxes(2 quarter) Professional salaries: 1" quarter 2 quarter Interest from investments (2 quarter) Overhead costs: 1" quarter 2" quarter Selling and administrative costs, including $2,000 depreciation: 1" quarter 2 quarter Purchase of equipment (2 quarter) Sale of equipment (1" quarter) Collection from clients: 1" quarter 2 quarter Interest payments (2 quarter) Required: To prepare cash Budget for 1 and 2nd quarters 50,000 70,000 50,000 12,000 230,000 380,000 400

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