Complete the following cash budget

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Reference no: EM131926399

Here are some important figures from the budget of Baltimore Baking for the first quarter of 2015:

January February March

Credit sales $ 300,000 $ 350,000 $ 350,000

Credit purchases 60,000 60,500 50,250

Cash disbursements

Wages, taxes, and expenses 42,750 49,000 51,250

Interest 8,300 8,300 8,300

Equipment purchases 79,000 81,000 0

In Baltimore Baking's experience, 7% of its credit sales will never be collected, 40% of its credit sales are paid in the month of the sale, and another 53% of its credit sales are paid in the month after the sale. Credit purchases will be paid in the month following the purchase.

In December 2014, credit sales were $347,000 and credit purchases were $57,500.

Using this information, complete the following cash budget (Round answers to the nearest whole dollar):

January February March

Beginning cash balance $ 655,000 $ ____________ $ ____________

Cash receipts

Cash collections from credit sales ____________ ____________ ____________

Total cash available ____________ ____________ ____________

Cash disbursements

Purchases ____________ ____________ ____________

Wages, taxes, and expenses ____________ ____________ ____________

Interest ____________ ____________ ____________

Equipment purchases ____________ ____________ ____________

Total cash disbursements ____________ ____________ ____________

Ending cash balance ____________ ____________ ____________

Reference no: EM131926399

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