Cosmo corporation is projecting a cash balance of 32785 in

Reference no: EM13593266

Cosmo Corporation is projecting a cash balance of $32,785 in its December 31, 2013, balance sheet. Cosmo schedule of expected collections from customers for the third quarter of 2013 shows total collections of $190,875. The schedule of expected payments for direct materials for the third quarter of 2013 shows total payments of $41,300. Other information gathered for the first quarter of 2013 is: sale of equipment $3,471, direct labor $69,178, manufacturing overhead $37,543, and purchase of securities $15,000, plus a $300 brokerage fee. Selling and administrative expenses are projected to be $45,116; this figure includes $1,116 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Cosmo wants to maintain a balance of at least $25,000 cash at the end of each quarter.

Instructions: Complete the cash budget for the first quarter.

Reference no: EM13593266

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