Business, 06.08.2021 23:10 hgiaculliozdjov
Sandhill Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $352,800 $392,000 Direct materials purchases 117,600 122,500 Direct labor 88,200 98,000 Manufacturing overhead 68,600 73,500 Selling and administrative expenses 77,420 83,300 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $980 of depreciation per month.
Other data:
1.Credit sales: November 2021, $245,000; December 2021, $313,600.2.Purchases of direct materials: December 2021, $98,000.3.Other receipts: January—Collection of December 31, 2021, notes receivable $14,700; February—Proceeds from sale of securities $5,880.4.Other disbursements: February—Payment of $5,880 cash dividend.
The company's cash balance on January 1, 2022, is expected to be $58,800. The company wants to maintain a minimum cash balance of $49,000.
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Sandhill Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as...
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