(Cash budget) The following cash budget is for the third quarter of 2011.Solve for the missing numbers on the cash budget, assuming that the accountant has requested a minimum cash balance of $7,000 at the start of each month. All borrowings, repayments, and investments are made in even $1,000 amounts. No borrowings or investments exist at the beginning of July.
|
July |
August |
September |
Total |
|
|
Beginning cash balance |
$ 7,400 |
$ ? |
$ ? |
$ ? |
|
Cash receipts |
16,400 |
20,200 |
? |
? |
|
Total cash available |
$ ? |
$ ? |
$41,000 |
$ 77,800 |
|
Cash disbursements |
|
|
|
|
|
Payments on account |
$ ? |
$ 7,800 |
$11,400 |
$ ? |
|
Wages expense |
10,000 |
? |
12,400 |
34,600 |
|
Overhead costs |
8,000 |
9,200 |
? |
26,000 |
|
Total disbursements |
$20,600 |
$ ? |
$32,600 |
$ ? |
|
Cash excess (deficiency) |
$ ? |
$ ? |
$ ? |
$ ? |
|
Minimum cash balance |
(7,000) |
(7,000) |
? |
? |
|
Cash available (needed) |
$ ? |
$ (8,800) |
$ ? |
$ (11,600) |
|
Financing |
|
|
|
|
|
Borrowings (repayments) |
$ 4,000 |
$ ? |
$ (1,000) |
$ ? |
|
Acquire (sell) investments |
0 |
0 |
? |
? |
|
Receive (pay) interest |
0 |
0 |
? |
(20) |
|
Ending cash balance |
$ 7,200 |
$ ? |
$ ? |
$ 7,380 |