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Below is summary monthly income statement data

01 / 10 / 2021 Projects

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Below is summary monthly income statement data

This is a comprehensive problem all contained on this spreadsheet tab.Cash BudgetBelow is summary monthly income statement data for Ace Manufacturing Company.Sales revenueDirect materials purchasesDirect laborManufacturing overheadSelling and administrative expensesJanuary250,00060,00088,00050,00045,000February275,00070,00095,00052,00046,000All sales are on account, and history has shown that 40% of sales is expected to be collected in the month of the sale, with 60%Direct materials are paid 50% in the month of purchase and 50% the following month. All other expenses are paid as incurred.costs (depreciation has already been eliminated).Other data:1. December sales were $230,000.2. Purchases of direct materials purchased in December were $50,000.3. The company has interest payments due of $5,000 per month.4. The cash balance on January 1 was $15,000.InstructionsA. Prepare schedules for expected collections from customers and expected payments for direct materials purchases.B. Prepare a cash budget for January and February.n the month of the sale, with 60% collected the following month.er expenses are paid as incurred. All costs shown are cash-basedect materials purchases.

International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

Company # 11483120

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