Required information

Problem $22-2$A $($Algo$)$ Manufacturing: Cash budget and schedule of cash payments LO P$2$

$[$The following information applies to the questions displayed below.$]$

Built$-$Tight is preparing its master budget. Budgeted sales and cash payments follow:

Sales to customers are $25\%$ cash and $75\%$ on credit. Sales in June were $$57,500.$ All credit sales are collected in the

month following the sale. The June $30$ balance sheet includes balances of $$19,000$ in cash and $$5,200$ in loans payable. A

minimum cash balance of $$19,000$ is required. Loans are obtained at the end of any month when the preliminary cash

balance is below $$19,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is paid at each

month$-$end. Any preliminary cash balance above $$19,000$ is used to repay loans at month$-$end. Expenses are paid in the

month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries $($ $$4,200$ per month$),$ and rent $($ $$6,700$ per

month$).$

Problem $22-2$A $($Algo$)$ Part $1$

Prepare a schedule of cash receipts for the months of July, Auijust, and September. Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of $15,400$

units.

Problem $23-2$A $($Algo$)$ Preparing a flexible budget performance report LO P$1$

Phoenix Company reports the following actual results. Actual sales were $18,400$ units.

Required:

Prepare a flexible budget performance report for the year.