Business, 18.03.2021 01:40 smilebehappy468
Blossom Company expects to have a cash balance of $128,800 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022. 1. Collections from customers: January $198,800, February $408,800. 2. Payments to suppliers: January $112,000, February $210,000. 3. Wages: January $84,000, February $112,000. Wages are paid in the month they are incurred. 4. Administrative expenses: January $58,800, February $67,200. These costs include depreciation of $2,800 per month. All other costs are paid as incurred. 5. Selling expenses: January $42,000, February $56,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $33,600 in cash. Blossom Company has a line of credit at a local bank that enables it to borrow up to $70,000. The company wants to maintain a minimum monthly cash balance of $56,000. Prepare a cash budget for January and February. (List items that increase cash balance first.)
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Blossom Company expects to have a cash balance of $128,800 on January 1, 2022. These are the relevan...
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