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1) Here are some important figures from the budget of Cornell,

1) Here are some important figures...
1)

Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2010:

April May June

Credit sales $338,200 $352,440 $389,820
Credit purchases 130,830 156,195 178,450
Cash disbursements
Wages, taxes, and expenses 35,380 42,910 44,770
Interest 10,150 10,150 10,150
Equipment purchases 73,870 80,990 0

The company predicts that 4 percent of its credit sales will never be collected, 33 percent of its sales will be collected in the month of the sale, and the remaining 63 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.

In March 2010, credit sales were $186,900, and credit purchases were $138,840.

Required:
Using this information, complete the following cash budget (Do not include the dollar signs ($). Leave no cells blank - be certain to enter "0" wherever required):

Beginning cash balance $249,200 $ $

Cash receipts

Cash collections from credit sales $ $ $

Total cash available $ $ $


Cash disbursements

Purchases $ $ $
Wages, taxes, and expenses
Interest
Equipment purchases


Total cash disbursements $ $ $

Ending cash balance $ $ $


2)
The Thakor Corporation's purchases from suppliers in a quarter are equal to 75 percent of the next quarter's forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 19 percent of sales, and interest and dividends are $60 per quarter. No capital expenditures are planned.

Here are the projected quarterly sales:

Q1 Q2 Q3 Q4
Sales $570 $700 $680 $600

Sales for the first quarter of the following year are projected at $740.

Required:
Calculate the company's cash outlays by completing the following (Do not include the dollar signs ($). Round your answers to 2 decimal places. (e.g., 32.16)):
Q1 Q2 Q3 Q4
Payment of accounts $ $ $ $
Wages, taxes, and other expenses
Long-term financing expenses
(interest and dividends)

Total $ $ $ $
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4/13/2013
Linda_us
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