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Submitted by lbrnch on Fri, 2012-04-27 18:47
due on Tue, 2012-05-01 18:46
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Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records:

1. All sales are on account. Sixty percent of customer accounts are collected in the month of the sale; 35 percent are collected in the following month. Uncollectibles amounting in 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1.

2. Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after acquisition.

3. The December 31, 20x0 , balance sheet disclosed the following selected figures: Cash $20,000, accounts receivable $55,000, and accounts payable $22,000.

4. Mary and Kay, Inc. maintain a $20,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 8 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at the time.

5. Additional data:

January February March

Sales revenue $150,900 $180,000 $185,000

Merchandise purchases. $90,000 $100,000 $140,000

Cash operating costs $31,000 $24,000 $45,000

Proceeds from sale of equipment - - $5,000

1. Prepare a schedule that discloses the firms total cash collections for January through March.

2. Prepare a schedule that discloses the firm’s total cash disbursements form January through March.

Submitted by Kumail Raza on Sat, 2012-04-28 18:42
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Month xx sale60%
Following monthxxx
Expected recovery xxxx xxxxxxx receiveable xxxxxxxxxxx as xx xxx xx 20X0 20%
In the month of xxxxxxxx 70%
Following month xxx
December xxxxx xxxx
xxxxxxx receivablexxxxxxx
Account payable xxxxxxx
xxxxxxx Cash balancexxxxxxx
Financing xxxxxxxxx xx 1000 xxxxxxxxx
xxxxxxxx rate xx
xxxxxxxxxx data:
xxxxxxx xxxxxxxx xxxxx
xxxxx xxxxxxx xxxxxxxx xxxxxxxx $185,000 xxxxxxxx $180,000xxxxxxxx
xxxxxxxxxxx xxxxxxxxxx $90,000 xxxxxxxx xxxxxxxx xxxxxxx $100,000xxxxxxxx
xxxx operating xxxxx xxxxxxx xxxxxxx $45,000 xxxxxxxxxxxxxx $45,000
Proceeds xxxx sale of xxxxxxxxx x x $5,000


Mary xxx xxxx Inc.,
Cash xxxxxx
For Jan-20X1 through xxxxxxxx
Jan Feb MarTotal
xxxxxxxxx cash xxxxxxxxxxxxxx xxxxxxx $45,255 $20,000
Recovery xx past account receiveable x 20%xxxxxxx 0.0xxxxxxxxx
Cash received from sale @ xxxxxxxxxx xxxxxxxx $111,000 $309,540
Cash received from xxxx @ xxx xxx52,815 63,000 xxxxxxx
xxxxx Available Cash$121,540 xxxxxxxx $219,255 $456,355
xxxx xxxx xx xxxxxxxxx @70% $63,000 $70,000 xxxxxxx$231,000
xxxx paid of xxxxxxxxx xxxx 0.0xxxxxx 30,000 57,000
xxxx xxxx of previous accounts xxxxxxx xxxxxx 0.0xxx22,000
Cash operating cost * xxxxxx xxxxxx xxxxxx100,000
xxxx xxxx repayment $0xxxxxxxxx$15,000
Interest x 8%0.0xxx 0 xxx
Total xxxxxxxxxxxxx $116,000xxxxxxxx $173,000 $425,100
Cash Balance xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxx
xxxxxxxx xxxx xxxx xx xxxxxxxxx0.0xxx 5,000 5,000
Bank xxxxxxxxxxx$15,000
Total xxxxxxxxx * 15,000.000.0 5,00020,000
xxxxxx xxxx Balance xxxxxxx$45,255 xxxxxxx xxxxxxx
xxxxxxxx for Total xxxx Collection
For xxxxxxxx xxxxxxx Mar-20X1
Jan xxx xxx Total
Cash received from sale @ 60%$90,540 x xxxxxxxxxxx 111,000.00 xxxxxxx
Cash xxxxxxxx xxxx sale x xxx $0 xxxxxxxxxxxxxx$115,815
Proceeds from xxxx of xxxxxxxxx xxx0.0 xxxxx xxxxx

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Submitted by sanasyed24 on Sat, 2012-04-28 14:20
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CASH xxxxxx xxxx & KAY INC JAN xxx xxx
Opening xxxx xxxxx xxxxx 48185
xxxx From xxxx Year's Account Receivable xxxxxx 0
Cash xxxxx (65%) xxxxx xxxxxx xxxxx
Cash Sales xxxxx0xxxxx 63000
Proceed xxxx xxxx xx xxxxxxxxx 0xxxxx
Borrowing xxx Cash (20000-13085 = xxxx or 7000 xxxx cash xxxxxxx balance if xx borrowing]) 07000 x
xxxxx Collectibles For the xxxxx xxx109085 xxxxxx 207185
Cash xxxxxxxxx xxxxx31000 xxxxx xxxxx
Merchandise Purchases (70%) xxxxx 70000 xxxxx
xxxxxxxxxxx Purchases xxxxx xxxxx27000xxxxx
xxxxxxxxx xxxxxxxxx xx @ xx p.a. xxxx
Total Disbursements for the xxxxx xxx xxxxxx128630 173000
xxxxxxx Balance 1308548185 34185



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