110) From the following information, prepare a cash budget for Quick Turtle Ltd. for the year ended December 31, 2011.
Proceeds from sale of equipment$22,000
Purchases of inventory for cash150,000
Receipts from customers315,000
Proceeds from issuing short-term note payable50,000
Payments for operating expenses125,000
Payments for interest and taxes37,000
Payments for dividends22,000
Debt payments38,000
The Cash balance on January 1, 2011, is $100,300. The budgeted cash balance for December 31, 2011, is $90,000.
111) Given the following information prepare the 2011 cash budget for Better Salmon Inc.The Cash balance on January 1, 2011, is $101,000. The budgeted cash balance for December 31, 2011, is $20,500.
Additional information:
Payments for operating expenses53,000
Payments for interest and taxes3,000
Payments for dividends4,500
Debt payments18,000
Proceeds from sale of equipment8,000
Purchases of inventory for cash29,000
Receipts from customers73,000
Proceeds from issuing short-term note payable50,000