Accounting Production And Cash-Outlay Computations Homework Help
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Schedule of Cash Collections
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern
Collected in the month of sale 60%
Collected in the month following sale 35
a. Prepare a schedule of cash collections for May through July.
b. Compute the expected balance in Accounts Receivable as of July 31.
Production And Cash-Outlay Computations
RPR, Inc., anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow.
|Product K (Units)||55,000||60,000|
|Rate Materials A (Units)||40,000||37,000|
Each unit of raw material A costs $8; RPR pays for all purchases in the month of acquisition. Invoices that account for 80% of the cost of materials acquired will be paid within 10 days of receipt, entitling the company to a 2% cash discount.
a. Determine the number of units of product K to be manufactured in May.
b. Compute the May cash outlay for purchases of raw material A.
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Abbreviated Cash Budget; Financing Emphasis
An abbreviated cash budget for Big Chuck Enterprises follows.
|Beginning cash balance||$10,000||$ ?||$ ?|
|Add: Cash receipts||50,000||63,000||71,000|
|Deduct: Cash payments||-64,000||-58,000||-64,000|
|Cash excess (deficiency) before financing||($4,000)||$ ?||$ ?|
|Borrowing to maintain minimum balance||?||?||?|
|Ending cash balance||$ ?||$ ?||$ ?|
Big Chuck wishes to maintain a $10,000 minimum cash balance at all times. Additional financing is available (and retired) in $1,000 multiples at a 12% interest rate. Assume that borrowings take place at the beginning of the month; retirements, in contrast, occur at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid.
a. Find the unknowns in Big Chuck’s abbreviated cash budget.
b. Determine the outstanding loan balance as of September 30, after any repayments have been made.
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