The treasurer of unisyms company has accumulated the following budget

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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.
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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

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