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Westex Products For the Year Ended December 31, 2013 Merchandise Purchases Sales Current Year: Cash Balance budgeted for beginning of 2013 Next year:...

I got a question I don't know how to calculate the interest rate of of period for my financing section in cash budget. I just know that in order to calculate the interest I need to calculate the interest accrued for the correct number of periods. And to check it is my 4th quarter ending cash balance is $62,912
Sales Current Year: Cash Balance budgeted for beginning of 2013 $200,000 $126,000 Next year: First quarter estimated $310,000 $186,000 Second quarter estimated $420,000 $246,000 Third quarter estimated $530,000 $305,000 Fourth quarter estimated $240,000 $126,000 Sales Collections % collected before quarter ends 65% % collected following quarter 33% Payments of purchases % purchases paid within quarter 80% % purchases paid in next quarter 20% Fixed amount $58,000 Variable amount 2% 28,000 Cash dividends each quarter 10,000 Equipment/Land purchases 1st quarter $45,000 2nd quarter 75,000 3rd quarter 48,000 4th quarter 35,000 Cash account at the end of current year (2011) $22,400 Minimum cash balance 10,000 Quarterly rate 2.50% Number of period load is outstanding 0 Westex Products For the Year Ended December 31, 2013 Merchandise Purchases Budget quarterly selling & administrative expense Fixed depreciation expense each quarter (included in fixed amount above)
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2012 quarter First Second Third Fourth Total Fourth quarter sales $66,000 $66,000 First quarter sales 201,500 $102,300 303,800 Second quarter sales 273,000 $138,600 411,600 Third quarter sales 344,500 $174,900 519,400 Fourth quarter sales - - - 156,000 156,000 Total cash payment 267,500 375,300 483,100 330,900 1,456,800 2012 quarter First Second Third Fourth Total Fourth quarter purchases $25,200 $25,200 First quarter purchses 148,800 $37,200 186,000 Second quarter purchses 196,800 $49,200 246,000 Third quarter purchses 424,000 $106,000 530,000 Fourth quarter purchases $100,800 $100,800 Total cash payment $174,000 $234,000 $473,200 $206,800 $1,088,000 2012 quarter First Second Third Fourth Total Budgeted sales $310,000 $420,000 $530,000 $240,000 $1,500,000 Variable selling and expense rate 2% 2% 2% 2% 2% Total Variable selling and expense $6,200 $8,400 $10,600 $4,800 $30,000 Fixed expenses 58,000 58,000 58,000 58,000 232,000 Total selling and admin expenses $64,200 $66,400 $68,600 $62,800 $262,000 Less depreciation 28,000 28,000 28,000 28,000 112,000 $36,200 $38,400 $40,600 $34,800 $150,000 2012 quarter First Second Third Fourth Total Cash balance, beginning $22,400 $22,400 $22,400 $22,400 $89,600 Add collection from sales 267,500 375,300 483,100 330,900 1,456,800 Total cash available $289,900 $397,700 $505,500 $353,300 $1,546,400 Less disbursements Merchandise purchases $174,000 $234,000 $473,200 $206,800 $1,088,000 Operating purchases 36,200 38,400 40,600 34,800 150,000 Dividends 10,000 10,000 10,000 10,000 40,000 Equipments and purchases - 75,000 48,000 - 123,000 Total $220,200 $357,400 $571,800 $251,600 $1,401,000 $69,700 $40,300 $(66,300) $101,700 $145,400 Financing: Borrowings $- $- $66,300 $- $66,300 Repayments - - (66,300) - (66,300) Interest - - - - - Total financing - - - - - Cash balance, ending $69,700 $40,300 $(66,300) $101,700 $145,400 Westex Product Schedule of Expected Cash Collection on Sales For the Year Ended December 31, 2012 Westex Product Schedule of Budget Cash payments for Merchandise Purchases For the Year Ended December 31, 2012 Westex Product Selling and Admin Expenses For the Year Ended December 31, 2012 Cash disbursements for selling and adminisitrative expenses Westex Product Cash Budget For the Year Ended December 31, 2012 Excess (defficiency) of receipt over disbursement
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