Exercise 22-19 Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere. Beginning cash balance $30,900 Required minimum cash balance 25,750 Payment of income taxes (2nd quarter) 4,120 Professional salaries: 1st quarter 144,200 2nd quarter 144,200 Interest from investments (2nd quarter) 7,210 Overhead costs: 1st quarter 79,310 2nd quarter 103,000 Selling and administrative costs, including $2,060 depreciation: 1st quarter 51,500 2nd quarter 72,100 Purchase of equipment (2nd quarter) 51,500 Sale of equipment (1st quarter) 12,360 Collections from clients: 1st quarter 242,050 2nd quarter 391,400 Interest payments (2nd quarter) 206 Prepare a cash budget for each of the first two quarters of 2020.

Explanation:

Q1

proceeds from disposal of equipment 12360

sales                                                     242050

outlay:

salaries          144200

overhead cost 79310

S&A cost          51500

depreciation     (2060)

Q2

interest revenue from investment        7210

sales                                                 391400

outlay:

salaries                         144200

overhead cost              103000

S&A cost                         72100

depreciation                   (2060)

purchase of equipment 51500

interest payment                206

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