Minimum cash balance in cash budget

The Treasurer Of Unisyms Company Has Accumulated The Following Budget Information For The First Two Months Of The Coming Year: March April Sales. $450,000 $520,000 Manufacturing Costs 290,000 350,000 Selling And Administrative Expenses

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The treasurer of Unisyms Company has accumulated the following budget information for the first two months of the coming year:

March
April
Sales.
$450,000
$520,000
Manufacturing costs
290,000
350,000
Selling and administrative
expenses
41,400
46,400
Capital additions
250,000
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The company expects to sell about 35% of its merchandise for cash. Of sales on account, 80% are expected to be collected in full in the month of the sale and the remainder in the month following the sale. One-fourth of the manufacturing costs are expected to be paid in the month in which they are incurred and the other three-fourths in the following month. Depreciation, insurance, and property taxes represent $6,400 of the probable monthly selling and administrative expenses. Insurance is paid in February and a $40,000 installment on income taxes is expected to be paid in April. Of the remainder of the selling and administrative expenses, one-half are expected to be paid in the month in which they are incurred and the balance in the following month. Capital additions of $250,000 are expected to be paid in March.

Current assets as of March 1 are composed of cash of $45,000 and accounts receivable of $51,000. Current liabilities as of March 1 are composed of accounts payable of $121,500 ($102,000 for materials purchases and $19,500 for operating expenses). Management desires to maintain a minimum cash balance of $20,000.

Prepare a monthly cash budget for March and April.

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Unisyms Company Unisyms Company
Schedule of Collections from Sales Cash Budget
For Two Months Ending April 30 For Two Months Ending April 30
March April March April
Cash Sales: $157,500 $182,000 Estimated Cash receipts from:
Cash Sales $157,500 $182,000
Sales on Account: Collections of accounts receivable $285,000 $328,900
Collection from month prior sales $51,000 $58,500 Total cash receipts $442,500 $510,900
Collection from current month's sales $234,000 $270,400 Estimated cash payments for:
Total Sales on Account $285,000 $328,900 Manufacturing costs $174,500 $305,000
Selling and administrative expenses $37,000 $37,500
Capital additions $250,000
Unisyms Company Note Payable
Schedule of Payments for Manufacturing Costs Dividends
For Two Months Ending April 30 Income taxes $40,000
March April Total cash payments $461,500 $382,500
Payments of prior month's manufacturing costs $102,000 $217,500 Cash increase (decrease) ($19,000) $128,400
Payments of current month's manufacturing costs $72,500 $87,500 Cash balance at beginning of month $45,000 $26,000
Total Payments $174,500 $305,000 Cash balance at end of month $26,000 $154,400
Minimum cash balance $20,000 $20,000
Excess (deficiency) $6,000 $134,400
Unisyms Company
Schedule of Payments for Selling & Admin Expenses
For Two Months Ending April 30
March April
Payments of prior month's manufacturing costs $19,500 $17,500
Payments of current month's manufacturing costs $17,500 $20,000
Total Payments $37,000 $37,500


March April
Sales: $450,000 $520,000
Manufacturing Costs: $290,000 $350,000
Selling & Admin Expenses: $41,400 $46,400
Capital Additions: $250,000
Total Sales on Account: $292,500 $338,000

March 1 Current Assets:
Cash: $45,000
Accounts Receivable: $51,000
March 1 Current Liabililities:
Accounts Payable: $121,500
Materials Purchased: $102,000
Operating Expenses: $19,500