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Mercury Company prepared the following information for the next three months:
Month Budgeted Sales
December $320,000
January 460,000
February 412,000
Direct Materials Purchases per Month
December $ 175,000
January 185,000
February 210,000
Direct Labour per Month
January $70,000
February 85,000
Additional Information:
Sales are collected as follows:
75% in the month of sale
25% in the month after sale
Direct materials purchases are paid as follows:
60% in month of purchase
Remainder paid in full the following month
Other Disbursements:
January - Equipment purchase: $10,000
February - Debt repayment: $30,000
Required:
Problem a) Calculate the cash disbursements (payments) for January.
Problem b) Calculate the cash receipts for February.
Financial Statement Analysis and Preparation
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