nents/625282 gnments > Chapter 22 HOMEWORK a 5 1EWORK Dints 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATON PRINTER VERSION RACK Problem 22-04A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February Sales $378,000 $420,000 Direct materials purchases 126,000 131,250 Direct labor 94,500 105,000 Manufacturing overhead 73,500 78,750 Selling and administrative expenses 82,950 89,250 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 2016 in the second month following the sale Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance dues paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,050 of depreciation per month Other data 1 Credit sales: November 2019, $262,500: December 2019, 5336.000 2. Purchases of direct materials: December 2019, 5105,000 3 Other receipts: January-Collection of December 31, 2019, notes receivable 515,750; February - Proceeds from sale of securities 55,300. Other disbursements: February-Payment of 56,300 cash dividend The company's cash balance on January 1, 2020, is expected to be 56.3,000. The company wants to maintain a minimum cash balance of 532.500 Prepare schedules for (1) expected collections from customers and (2) expected payments tgr direct materials purchases for January and February Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm S Help System Announcements CALCULATOR PRINTE Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers January February November December January February 1 Total collections $ Expected Payments for Direct Materials January February December s January February Total payments 5 OMEWORK Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available u S Kimmel, Accounting, 7e Help System Announcements Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January February > > Chapter 22 HOMEWORK a 5 1EWORK Dints 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm Kimmel, Accounting, 7e Help I System Announcements CALCULATON PRINTER VERSION RACK Problem 22-04A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February Sales $378,000 $420,000 Direct materials purchases 126,000 131,250 Direct labor 94,500 105,000 Manufacturing overhead 73,500 78,750 Selling and administrative expenses 82,950 89,250 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 2016 in the second month following the sale Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance dues paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,050 of depreciation per month Other data 1 Credit sales: November 2019, $262,500: December 2019, 5336.000 2. Purchases of direct materials: December 2019, 5105,000 3 Other receipts: January-Collection of December 31, 2019, notes receivable 515,750; February - Proceeds from sale of securities 55,300. Other disbursements: February-Payment of 56,300 cash dividend The company's cash balance on January 1, 2020, is expected to be 56.3,000. The company wants to maintain a minimum cash balance of 532.500 Prepare schedules for (1) expected collections from customers and (2) expected payments tgr direct materials purchases for January and February Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available until Apr 25 at 11pm S Help System Announcements CALCULATOR PRINTE Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers January February November December January February 1 Total collections $ Expected Payments for Direct Materials January February December s January February Total payments 5 OMEWORK Points 12 Submitting an external tool Attempts 0 Allowed Attempts 1 Available u S Kimmel, Accounting, 7e Help System Announcements Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January February > >