Chipman HHH Assignment 2.5 - Cash Budget.xlsx - HHH Appli Cash Budget W Quarter 1 January February March Estimated Sales Service Revenue Estimated

Chipman HHH Assignment 2.5 - Cash Budget.xlsx - HHH Appli...

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Quarter 1 January February March Estimated Sales & Service Revenue 58,575.00 53,037.50 53,037.50 Estimated Credit Sales 3,200.00 3,200.00 3,200.00 Estimated Receipts: Cash sales 55,375.00 49,837.50 49,837.50 Collections of Accounts Receivable 20% of last month’s credit sales 640.00 640.00 640.00 80% of current month credit sales (beg. in February) 2,560.00 2,560.00 2,560.00 Total Accounts Receivable collections 3,200.00 3,200.00 3,200.00 Estimated purchases (accounts payable) 31,700.00 28,530.00 28,530.00 Estimated payments of accounts payable 26,875.00 24,507.50 24,507.50 $ (27,194.27) Quarter 1 January February March Sales 58,575.00 53,037.50 53,037.50 Projected cash balance beginning of month Receipts: Cash sales 55,375.00 49,837.50 49,837.50 Collection of accounts receivable 3,200.00 3,200.00 3,200.00 Collection of sales taxes 0.00 0.00 0.00 Total cash available 58,575.00 53,037.50 53,037.50 Cash Disbursements: Payment of accounts payable 26,875.00 24,507.50 24,507.50 Payment of sales taxes payable 0.00 0.00 0.00 Advertising 2,550.00 1,250.00 1,250.00 Car & truck expenses 250.00 250.00 250.00 Property & casualty insurance 300.00 300.00 300.00 Van loan payment (Hint: not just interest) 46.67 46.01 45.36 Legal & professional 800.00 800.00 800.00 Office expense 525.00 400.00 400.00 Rent 2,000.00 2,000.00 2,000.00 Supplies 0.00 0.00 0.00 Taxes, withholding & licenses 225.00 200.00 200.00 Utilities 730.48 480.48 480.48 Wages and salaries 0.00 0.00 0.00 Drawing 3,500.00 3,500.00 3,500.00 Income Taxes 795.00 795.00
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