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The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash $ 30,000 Accounts receivable 464,100 Raw materials inventory 98,505 Finished goods inventory 450,840 Total current assets 1,043,445 Equipment, gross 620,000 Accumulated depreciation (160,000) Equipment, net 460,000 Total assets $ 1,503,445 Liabilities and Equity Accounts payable 206,405 Short-term notes payable 22,000 Total current liabilities $ 228,405 Long-term note payable 510,000 Total liabilities 738,405 Common stock 345,000 Retained earnings 420,040 Total stockholders equity 765,040 Total liabilities and equity $ 1,503,445

g. Monthly general and administrative expenses include $22,000 administrative salaries and 0.9% monthly interest on the long-term note payable.

h. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale).

i. All raw materials purchases are on credit, and no payables arise from any other transactions. One months raw materials purchases are fully paid in the next month.

J. The minimum ending cash balance for all months is $70,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.

K. Dividends of $20,000 are to be declared and paid in May. l. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter.

m. Equipment purchases of $140,000 are budgeted for the last day of June.

	April	May	June
Budgeted sales
sales commissions

General and administrative expense budget

	April	May	June
Total expenses

Cash Budget

		April	May	June
Total Budgeted sales
cash sales	30%
sales on credit	70%

Total Cash receipts from customers

		April	May	June
	Current month's cash sales
	Collections of receivables

	April	May	June
starting cash balance
total cash available
cash disbursements
total cash disbursements
preliminary cash balance
ending cash balance

	April	May	June
Loan balance (start of month)
Additional loan (loan repayment)
Loan balance (end of the month)

Budgeted income statement for the entire first quarter (not for each month separately)

Income Statement

		$

BUdgeted balance sheet

Assets
		$

I dont need A - F

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