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Tomm Tomm
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7 years ago
Given the following information prepare the 2014 cash budget for Better Salmon Inc. The Cash balance on January 1, 2014, is $101,000. The budgeted cash balance for December 31, 2014, is $20,500.
Additional information:
Payments for operating expenses   53,000
Payments for interest and taxes   3,000
Payments for dividends   4,500
Debt payments   18,000
Proceeds from sale of equipment   8,000
Purchases of inventory for cash   29,000
Receipts from customers   73,000
Proceeds from issuing short-term note payable   50,000
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
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ACC 925

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#1
7 years ago
Better Salmon Inc.
   Cash Budget
   For the Year Ended December 31, 2014

Cash balance, January 1, 2014      $ 101,000
Estimated cash receipts
   Receipts from customers   $73,000
   Proceeds from sale of equipment   8,000
   Proceeds from issuing note payable   50,000   131,000
Total cash available      232,000
Estimated cash payments
   Purchases of inventory   $29,000
   Payments of operating expenses   53,000
   Payment for interest and taxes   3,000
   Payment for dividends   4,500
   Debt payments   18,000   107,500
Cash available      124,500
Budgeted cash balance, December 31, 2014      20,500
Cash available for additional investments      $104,000
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