Reference no: EM13912518
In addition to the information presented in Mini-Exercise 14.4, ABC Company has a cash balance of $25,000 on August 1 and requires a minimum ending cash balance of $20,000. Cash disbursements budgeted for August include inventory purchases, $40,000; other manufacturing expenses, $98,000; operating expenses, $76,200; bond retirements, $50,000; and dividend payments, $15,000.
In Mini-Exercise 14.4, In addition to the information presented in Mini Exercise 14.1, the selling price for each unit is $18. Based on past experience, ABC expects that 30% of a month's sales will be collected in the month of sale, 60% in the following month, and 8% in the second month following the sale.
In Mini Exercise 14.1, ABC Company's budgeted sales for June, July, and August are 12,000, 16,000, and 14,000 units, respectively. ABC requires 30% of the next month's budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 3,600 units.
Required:
Prepare a cash budget for ABC Company for August.
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