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Compute the budgeted cash receipts for March. Rember to think in terms of when actual cash is planned to be received. If you are not going to receive the cash it is not part of the budget. Also pay close attention to cash vs credit sales

01 / 10 / 2021 Assignment

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The Doley Company has planned the following
sales for the next three months:


January

February

March

Budgeted Sales

$40,000

$50,000

$70,000

Sales are made 20% for cash and 80% on account. From
experience, the company has learned that a month’s sales on account are
collected according to the following pattern:

Month of sale

60%

First month following sale

30%

Second month following sale

8%

Uncollectible

2%

The company requires a minimum cash balance of $5,000
to start a month. The beginning cash balance in March is budgeted to be $6,000.

Required

a) Compute the budgeted
cash receipts for March. Rember to think in terms of when actual cash
is planned to be received. If you are not going to receive the cash it is not
part of the budget. Also pay close attention to cash vs credit sales

b) The following
additional information has been provided for March:

Inventory
purchases (all paid in cash in March)

$28,000

Operating
Expenses (all paid in cash in March)

$40,000

Depreciation
expense for March

$5,000

Dividends
paid in March

$4,000

Prepare a cash budget in good form for the month of
March, using this information and the budgeted cash receipts you computed for
part a) above. The company can borrow in any dollar amount and will not pay
interest until April.



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

Company # 11483120

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