Reference no: EM131296382
The accountant for Erica’s Dress Shop prepared the following cash budget. Erica’s desires to maintain a cash cushion of $17,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 2 percent per month.
Required
a. Complete the cash budget by filling in the missing amounts. (Any repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.)
Cash budget july august september
Ssection 1: Cash Receipts
beginning cash balance 44000 17000 17000
Add cash receipts 183000 203000 243600
Total Cash Available 227000 220000 260000
Section 2 cash payments
for inventory purchases 167026 141730 175652
For S&A expenses 56000 62060 62932
for interest expense 0 261 ?
Total budgeted disbursements 223026 204051 ?
Section 3: Financing activites
Surplus (shortages) 3974 15949 ?
Borrowing (repayments) 13026 1051 ?
Ending Cash balance 17000 17000 17000
b. Determine the amount of net cash flows from operating activities Erica’s will report on the third quarter pro forma statement of cash flows. (Enter any cash outflows with a minus sign. Round intermediate calculations and final answer to the nearest whole dollar amount.)
c. Determine the amount of net cash flows from financing activities Erica’s will report on the third quarter pro forma statement of cash flows. (Enter any cash outflows with a minus sign. Round intermediate calculations and final answer to the nearest whole dollar amount.)
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