Sheffield, Inc. prepared the following cash budget for the fourth quarter. Fill in the missing amounts, assuming that Sheffield desires to maintain a $15,000 minimum monthly cash balance and all equipment was purchased during December. Any required borrowings and repayments must be made in even increments of $1,000. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)

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October November December Quarter Beginning cash balance $15,000 S $16,500 Callections from sales 51,000 234,130 Total cash available 67,500 95,500 120,000 Less disbursements Materials purchases 10,000 14,000 37,500 Direct labor 5,000 6,000 8,000 19,000 Manufacturing 20,000 24,000 22,000 overhead Selling & administrative 27,000 25,000 Expenses Equipment purchase 15,000 Dividends 5,000 5,000 Total disbursements 65,500 Excess (deficiency) of 30,500 cash Minimum cash balance 15,000 15,000 15,000 Cash available -13,000 9,000 (needed) Financing Borrowings 13,000 Repayments -13,000 Interest -130 -130 Total financing -13,130 -130 Ending cash balance $15,000 $17,370 $ October November December Quarter Beginning cash balance $15,000 S $16,500 Callections from sales 51,000 234,130 Total cash available 67,500 95,500 120,000 Less disbursements Materials purchases 10,000 14,000 37,500 Direct labor 5,000 6,000 8,000 19,000 Manufacturing 20,000 24,000 22,000 overhead Selling & administrative 27,000 25,000 Expenses Equipment purchase 15,000 Dividends 5,000 5,000 Total disbursements 65,500 Excess (deficiency) of 30,500 cash Minimum cash balance 15,000 15,000 15,000 Cash available -13,000 9,000 (needed) Financing Borrowings 13,000 Repayments -13,000 Interest -130 -130 Total financing -13,130 -130 Ending cash balance $15,000 $17,370 $

Answer rating: 100% (QA)

November December 17370 102630 120000 October Quarter Beginning cash balance Collections from sales ... View the full answer