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Question - Crane Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $912000 ($304000 per month). Sales are 70% cash, with the remaining 30% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $47700, and the Accounts Receivable (all related to June sales) balance is $50100. Operating expenses for the quarter are budgeted at $464000, which includes $17100 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $401000 for the quarter. What is the projected cash balance at the end of the third quarter?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
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This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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