Business, 06.04.2020 18:13 Truezoe09

Yogi has $ 11,500 in cash on hand on January 1 and has collected the following budget data:

Yogi Company
Cash Budget
Two Months Ended January 31 and February 28
January February
Beginning cash balance $10,000 $9,426
Cash receipts 443,100 $502,400
Cash available 453,100 511,826
Cash payments:
Purchases of direct materials 180,526 160,940
Direct labor 134,620 112,444
Manufacturing overhead 53,258 51,652
Selling and administrative expenses 75,270 75,640

Total cash payments 443,674 400,676
Ending cash balance before financing 9,426 111,150
Minimum cash balance desired (5,000) (5,000)
Projected cash excess (deficiency) 4,426 106,150
Financing:
Borrowing 0 0
Principal repayments 0 0
Total effects of ±financing 0 0
Ending cash balance 9,426 111,150
Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Yogi has cash payments for selling and administrative expenses including salaries of $40,000 per month plus commissions that are 2% of sales, all paid in the month of sale. The company requires a minimum cash balance of $1,000.

Required:
Prepare a cash budget for January and February. Round to the nearest dollar.
Will Yogi need to borrow cash by the end of February?

Answers: 2

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Yogi has $ 11,500 in cash on hand on January 1 and has collected the following budget data:

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