Cbh finds that it collects 25 percent of the amounts billed

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Reference no: EM13751193

Children's Best Hope (CBH) provides day care ser-vices to low income families. CBH bills the state for its services under a service contract. Billings for the first four months of 2013 are anticipated to be as follows:

CBH finds that it collects 25 percent of the amounts billed in the month of service with the balance collected in the month following service.
CBH is planning to acquire a new building as an additional site for its services in March 2013. The full $ 250,000 purchase cost of the building will be financed with a mortgage loan.
CBH anticipates a February 28, 2013, cash balance of $ 26,000.
CBH anticipates the following expenses and disbursements for the month of March 2013:
Payroll payments....................................$ 170,000
Personnel expenses.................................$ 160,000
Payments to suppliers................................$ 45,000
Supplies expense.....................................$ 48,000
Depreciation expense................................$ 12,000
Interest expense.......................................$ 6,000
Prepare an operating budget, cash budget, and capital budget for CBH for the month of March2013.

Reference no: EM13751193

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