I already have the question completed to my best ability, but am just looking for someone to double check it. Here’s the question again in case it didn’t go through on the little bar above, and my answer is posted below: The treasurer of Unisyms Company has accumulated the following budget information for the first two months of the coming year: March April Sales. $450,000 $520,000 Manufacturing costs 290,000 350,000 Selling and administrative expenses 41,400 46,400 Capital additions 250,000 — The company expects to sell about 35% of its merchandise for cash. Of sales on account, 80% are expected to be collected in full in the month of the sale and the remainder in the month following the sale. One-fourth of the manufacturing costs are expected to be paid in the month in which they are incurred and the other three-fourths in the following month. Depreciation, insurance, and property taxes represent $6,400 of the probable monthly selling and administrative expenses. Insurance is paid in February and a $40,000 installment on income taxes is expected to be paid in April. Of the remainder of the selling and administrative expenses, one-half are expected to be paid in the month in which they are incurred and the balance in the following month. Capital additions of $250,000 are expected to be paid in March. Current assets as of March 1 are composed of cash of $45,000 and accounts receivable of $51,000. Current liabilities as of March 1 are composed of accounts payable of $121,500 ($102,000 for materials purchases and $19,500 for operating expenses). Management desires to maintain a minimum cash balance of $20,000. Prepare a monthly cash budget for March and April. —————————————————————————————- Unisyms Company Unisyms Company Schedule of Collections from Sales Cash Budget For Two Months Ending April 30 For Two Months Ending April 30 March April March April Cash Sales: $157,500 $182,000 Estimated Cash receipts from: Cash Sales $157,500 $182,000 Sales on Account: Collections of accounts receivable $285,000 $328,900 Collection from month prior sales $51,000 $58,500 Total cash receipts $442,500 $510,900 Collection from current month’s sales $234,000 $270,400 Estimated cash payments for: Total Sales on Account $285,000 $328,900 Manufacturing costs $174,500 $305,000 Selling and administrative expenses $37,000 $37,500 Capital additions $250,000 Unisyms Company Note Payable Schedule of Payments for Manufacturing Costs Dividends For Two Months Ending April 30 Income taxes $40,000 March April Total cash payments $461,500 $382,500 Payments of prior month’s manufacturing costs $102,000 $217,500 Cash increase (decrease) ($19,000) $128,400 Payments of current month’s manufacturing costs $72,500 $87,500 Cash balance at beginning of month $45,000 $26,000 Total Payments $174,500 $305,000 Cash balance at end of month $26,000 $154,400 Minimum cash balance $20,000 $20,000 Excess (deficiency) $6,000 $134,400 Unisyms Company Schedule of Payments for Selling & Admin Expenses For Two Months Ending April 30 March April Payments of prior month’s manufacturing costs $19,500 $17,500 Payments of current month’s manufacturing costs $17,500 $20,000 Total Payments $37,000 $37,500 March April Sales: $450,000 $520,000 Manufacturing Costs: $290,000 $350,000 Selling & Admin Expenses: $41,400 $46,400 Capital Additions: $250,000 Total Sales on Account: $292,500 $338,000 March 1 Current Assets: Cash: $45,000 Accounts Receivable: $51,000 March 1 Current Liabililities: Accounts Payable: $121,500 Materials Purchased: $102,000 Operating Expenses: $19,500
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