Prepare a cash budget. (SO 8), AP You are provided with the following information taken from Washburne Inc.’s March 31, 2012, balance…
Prepare a cash budget. (SO 8), AP You are provided with the following information taken from Washburne Inc.’s March 31, 2012, balance sheet. Cash $ 11,000 Accounts receivable 20,000 Inventory 36,000 Property, plant, and equipment, net of depreciation 120,000 Accounts payable 22,400 Common stock 150,000 Retained earnings 11,600 Additional information concerning Washburne Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) $46,000 April (budgeted) 70,000 3. Sales are both cash and credit. Cash collections expected in April are: March $18,400 (40% of $46,000) April 42,000 (60% of $70,000) $60,400 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,400 Purchases April 28,100 $50,500 5. Cash operating costs are anticipated to be $11,200 for the month of April. 6. Equipment costing $2,500 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $9,000. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 12% per year, and interest expense is accrued at the end of the month and paid in the following month. Instructions Prepare a cash budget for the month of April. Determine how much cash Washburne Inc. must borrow, or can repay, in April. Apr. borrowings $1,800
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