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Coronado Company expects to have a cash balance of $53,100 on January 1, 2022. Relevant monthly budget data for the �rst 2months of 2022 are as follows.
Collections from customers: January $100,300, February $177,000.
Payments for direct materials: January $59,000, February $88,500.
Direct labor: January $35,400, February $53,100. Wages are paid in the month they are incurred.
Manufacturing overhead: January $24,780, February $29,500. These costs include depreciation of $1,770 per month. All otheroverhead costs are paid as incurred.
Selling and administrative expenses: January $17,700, February $23,600. These costs are exclusive of depreciation. They arepaid as incurred.
Sales of marketable securities in January are expected to realize $14,160 in cash. Coronado Company has a line of credit at a localbank that enables it to borrow up to $29,500. The company wants to maintain a minimum monthly cash balance of $23,600.
Prepare a cash budget for January and February.
221 Exam 3 Ch 22-25
Question 15 of 20 – / 7.5
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CORONADO COMPANYCash Budget
January February
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221 Exam 3 Ch 22-25
Question 15 of 20 – / 7.5
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221 Exam 3 Ch 22-25
Question 15 of 20 – / 7.5
