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Question: please only correct whats in red thank you...

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Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: February January $425,520 $472,800 Sales 141,840 Direct materials purchases 147,750 Direct labor 106,380 118,200 88,650 Manufacturing overhead 82,740 93,378 Selling and administrative expenses 100,470 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 20% 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 due is 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 $1,182 of depreciation per month. Other data: 1. Credit sales: November 2016, $295,500; December 2016, $378,240 2. Purchases of direct materials: December 2016, $118,200. 3. Other receipts: January-Collection of December 31, 2016, notes receivable $17,730; February Proceeds from sale of securities $7,092. 4. Other disbursements: February-Payment of $7,092 cash dividend. The companys cash balance on January 1, 2017, is expected to be $70,920. The company wants to maintain a minimum cash balance of $59,100.

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