Reference no: EM131294242
Danner Company expects to have a cash balance of $62,606 on January 1, 2014. Relevant monthly budget data for the first 2 months of 2014 are as follows.
-Collections from customers: January $115,685, February $204,150.
-Payments for direct materials: January $68,050, February $95,270.
-Direct labor: January $40,830, February $61,245. Wages are paid in the month they are incurred.
-Manufacturing overhead: January $28,581, February $34,025. These costs include depreciation of $1,361 per month. All other overhead costs are paid as incurred. -Selling and administrative expenses: January $20,415, February $27,220. These costs are exclusive of depreciation. They are paid as incurred.
Sales of marketable securities in January are expected to realize $13,610 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $34,025. The company wants to maintain a minimum monthly cash balance of $27,220.
Prepare a cash budget for January and February.
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: Danner Company expects to have a cash balance of $62,606 on January 1, 2014. Relevant monthly budget data for the first 2 months of 2014 are as follows. Prepare a cash budget for January and February.
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