Refer to Problem P22- 47B. Additional data for Beta Batting Company

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Refer to Problem P22- 47B. Additional data for Beta Batting Company:

a. Capital expenditures include $ 40,000 for new manufacturing equipment, to be purchased and paid in the first quarter.

b. Cash receipts are 75% of sales in the quarter of the sale and 25% in the quarter following the sale.

c. Direct materials purchases are paid 50% in the quarter purchased and 50% in the next quarter.

d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred.

e. Income tax expense for the first quarter is projected at $ 60,000 and is paid in the quarter incurred.

f. Beta expects to have adequate cash funds and does not anticipate borrowing in the first quarter.

P22- 47B

.:.

 

Requirements

1. Prepare Beta’s schedules for cash receipts from customers and cash payments for the first quarter of 2015.

2. Prepare Beta’s cash budget for the first quarter of 2015.

  • 8 years ago
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