Exercise 22-15 Deitz Corporation is projecting a cash balance of $32,100 in its December 31, 2019, balance sheet. Deitz’s schedule of expected collections from customers for the first quarter of 2020 shows total collections of $197,950. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $46,010. Other information gathered for the first quarter of 2020 is sale of equipment $3,210; direct labor $74,900, manufacturing overhead $37,450, selling and administrative expenses $48,150; and purchase of securities $14,980. Deitz wants to maintain a balance of at least $26,750 cash at the end of each quarter. Prepare a cash budget for the first quarter.

Deitz Corporation Cash budget for first Quarter of 2020

                                                     Amount in $           Amount in $

Expected opening balance                                             32,100

Projected cash inflows:

Collections from customers           197,950

Sale of equipment                              3,210

Total cash inflows                                                           201,160            

Projected cash outflows:  

Payments for direct materials         (46,010)  

Direct labor                                      (74,900)

Manufacturing overheads               (37,450)

Selling and admin. expenses          (48,150)

Purchase of securities                      (14,980)

Total cash outflows                                                        (221,490)

Expected cash balance                                                      11,770

Difference between expected balance and desired balance at the end of each quarter

= $26,750 - $11,770

= $14,980

This means that for Deitz Corporation to maintain a minimum balance $26,750 at the end of the first quarter, the purchase of securities may be suspended till the next quarter.

Explanation:

The cash budget is one that shows projects made by management on the expected inflows and outflows of cash for a given period. This usually begins with the opening cash balance, followed by the expected inflows, then the outflows and the net of all gives the closing cash balance.

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