50.1K

Verified Solution

Link Copied!

Right after the March column, there is the Quarter column, it just did not fit in the screenshot

Chris Anderson, Sheffield & Daniel Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. January February March Quarter Collections from sales 477,200 560,860 637,720 1,675,780 Payments for direct materials 80,505 253,125 280,730 614,360 Payments for direct labor 98,640 103,680 116,640 318,960 Payments for manufacturing overheads 78,490 78,980 80,240 237,710 Payments for Selling & administrative expenses 111,400 116,440 123,160 351,000 In addition to the information he received from these managers, Chris knows the following: Sheffield & Daniel plans to have $32,400 in its cash account on January 1. Sheffield & Daniel plans to purchase and pay cash for a piece of land in January at a cost of $90,000. Sheffield & Daniel plans to make a cash purchase of equipment in March at a cost of $30,000. Sheffield & Daniel's income taxes from last quarter totaling $26,400 will be paid in January. January February March Beginning cash balance Collections from sales Total cash available to spend Less : Disbursements Manufacturing overhead Payments for direct materials Direct labor TIINA Selling & administrative expenses Land and Equipment purchases Inco WO LY English (United States Focus Income taxes Total cash disbursements Cash excess (deficiency) Minimum cash balance Cashexcess (needed) Financing Thin Borrowings III Repayments Interest Total financing Ending cash balance $ $ $

Answer & Explanation Solved by verified expert

See Answer