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Prepare cash budget for the first quarter

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Question - Pink Martini Corporation is projecting a cash balance of $33,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $179,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $37,000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $2,000; direct labour $77,000, manufacturing overhead $34,000; selling and administrative expenses $43,000; and purchase of securities $14,000. Pink Martini wants to maintain a balance of at least $27,000 cash at the end of each quarter. Prepare cash budget for the first quarter.

Reference no: EM132792170

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