You recently began a job as an accounting intern at Raymond Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Requirements Complete the following cash budget. (For amounts with a $0 balance, make sure to enter "0" in the appropriate input field. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) Beginning cash balance Plus: Cash collections Plus: Cash from sale of plant assets Total cash available Less: Cash payments (purchase inventory) Less: Cash payments (operating expenses) Total cash payments (1) Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency) Financing: Plus: New borrowings Less: Debt repayments Less: Interest payments $ $ $ February 16,300 106,700 47,400 98,200 20,000 IIS More info Raymond Adventures eliminates any cash deficiency by borrowing the exact amount needed from State Street Bank, where the current interest rate is 7%. Raymond Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Print Done
You recently began a job as an accounting intern at Raymond Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just enough information to reconstruct the budget. i (Click the icon to view information on borrowing cash.) Requirements Complete the following cash budget. (For amounts with a $0 balance, make sure to enter "0" in the appropriate input field. Enter cash deficiencies with a minus sign or parentheses. Enter the net total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.) Beginning cash balance Plus: Cash collections Plus: Cash from sale of plant assets Total cash available Less: Cash payments (purchase inventory) Less: Cash payments (operating expenses) Total cash payments (1) Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency) Financing: Plus: New borrowings Less: Debt repayments Less: Interest payments $ $ $ February 16,300 106,700 47,400 98,200 20,000 IIS More info Raymond Adventures eliminates any cash deficiency by borrowing the exact amount needed from State Street Bank, where the current interest rate is 7%. Raymond Adventures pays interest on its outstanding debt at the end of each month. The company also repays all borrowed amounts at the end of the month as cash becomes available. Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:You recently began a job as an accounting intern at Raymond Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget
file crashed, and you did not have a backup or even a hard copy. You ran a program to salvage bits of data from the budget file. After entering the following data in the budget, you may have just
enough information to reconstruct the budget.
i (Click the icon to view information on borrowing cash.)
Requirements
Complete the following cash budget. (For amounts with a $0 balance, make sure to enter "0" in the appropriate input field. Enter cash deficiencies with a minus sign or parentheses. Enter the net
total effects of financing with a minus sign when the amount is a net outflow. Round interest expense to the nearest whole dollar.)
Beginning cash balance
Plus: Cash collections
Plus: Cash from sale of plant assets
Total cash available
Less: Cash payments (purchase inventory)
Less: Cash payments (operating expenses)
Total cash payments
(1) Ending cash balance before financing
Minimum cash balance desired
Cash excess (deficiency)
Financing:
Plus: New borrowings
Less: Debt repayments
Less: Interest payments
GA
February
$
16,300
0
$ 106,700
47,400
98,200
20,000
More info
Raymond Adventures eliminates any cash deficiency by borrowing the exact amount needed from State
Street Bank, where the current interest rate is 7%. Raymond Adventures pays interest on its outstanding
debt at the end of each month. The company also repays all borrowed amounts at the end of the month as
cash becomes available.
Print
Done
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