Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Cash Budget
You recently began a job as an Accounting Intern at Dejesus Delivery Company in Queens, New York. Your first task was to help prepare the Cash Budget for April and May of 2013. Unfortunately, the computer with the budget file crashed, and you did not have a back-up or even a paper copy.
You, later, ran a program to salvage bits of data from the Budget File. After entering the following data in the budget, you may have just enough information to reconstruct the budget.
Dejesus Delivery Company eliminates any cash deficiency by borrowing the exact amount needed from Queens County Saving Bank where the current interest rate is 6%. Dejesus Delivery first pays interest on its outstanding debt at the end of each month. The company, then, repays all borrowed amounts at the end of each month with any excess cash above the minimum required, but after paying monthly interest expenses.
Required: Complete the Cash Budget.
Dejesus Delivery CompanyCash BudgetApril and May 2013
Item
April
May
Beginning Cash Balance
$18,000
?
Cash Collections
$82,000
Cash from Sales of Plant Assets
-----
2,100
Cash Available
$113,000
Cash Payments:
Purchase of Inventory
44,000
Operating Expenses
46,000
Total Cash Payments
97,000
Ending Cash Balance Before Financing
22,100
Less: Minimum Cash balance Required
20,000
Cash Excess (deficiency)
Financing of Cash Deficiency:
Borrowing at end of month
Principal Repayment at end of month
Interest Expense
Total Effects of Financing
Ending Cash Balance
How might fundamentally changing accounting standards from "bright-line" rules to principle-based standards help prevent another Enron-like fiasco in the future? Are there dangers in removing "bright-line" rules? What difficulties might be associa..
Determine equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory. Show all of your work.
When a bank reconciliation has been satisfactorily completed, the only related entries to be made in the depositor's records and example of internal control over cash
Write a formal business letter to Ben answering their questions and provide specific references to the GAAP Codification sections used to arrive at your answers.
Explain what is meant by "Restricted Stock Units (RSU)” and provide extracts of the disclosure notes for 2 public companies that have these, noting any distinguishing features between the 2 companies’ RSU plans.
Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 145,000 units per y..
Learning Outcome: Develop information gathering (research) and communication strategies to enable the provision of professional advice to a client
Tom Winthrop estimated that the units in the ending inventory in the final processing department were 30% complete with respect to the conversion costs of the final processing department. If this estimate of the percentage completion is used, what wo..
What amount should be included in the financing section of the 2010 statement of cash flows for dividends paid
Search academic database(s) and find two academic papers that used agency theory. Explain ‘agency theory' and how these academic papers used this theory. Critique the use of this theory in the contexts in which these papers used this theory.
They made a $3,000 contribution to their Roth IRA, paid $4,100 in deductible mortgage interest and real estate taxes and made a $2,500 charitable contribution. What is their gross income, adjusted gross income, and taxable Income?
criteria should accountants consider in determining whether a transaction or an event is material
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd