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(Answered)-Castle Corporation prepares monthly cash budgets. Here are


Castle Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2014.


January February
Sales $360,000 $400,000
Purchases 120,000 130,000
Salaries 84,000 81,000
Administrative expenses 72,000 75,000
Selling expenses 79,000 88,000


All sales and purchases are on account. Budgeted collections and disbursement data are given below. All other expenses are paid in the month incurred except for administrative expenses, which include $1,000?of depreciation per month.


Other data.


1. Collections from customers: January $326,000; February $378,000.
2. Payments for purchases: January $110,000; February $135,000.
3. Other receipts: January: collection of December 31, 2013, notes receivable $15,000; February: proceeds from sale of securities $4,000.
4. Other disbursements: February $10,000 cash dividend.


The company?s cash balance on January 1, 2014, is expected to be $46,000. The company wants to maintain a minimum cash balance of $40,000.


Prepare a cash budget for January and February.

 


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Oct 07, 2020

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