Weygandt, Financial &Hanagerial; Accounting, 2e belp I System Announcements Unre

Question

Weygandt, Financial &Hanagerial; Accounting, 2e belp I System Announcements Unread) BACK Exercise 23-19 Pletcher Dental Clinic is a medium-sized dental service specializing in family hirst 2 quarters of 2017. All that remains in this I dental care. The dinic is currently preparing the master budget for the process is the cash budget. The following information has been collected from other portions of the 2 master budget and elsewhere Beginning cash balance Required minimum cash balance Payment of income taxes (2nd ist quarter 2nd quarter 168,140 168,140 8,407 Interest from investments (2nd quarter) Overhead costs: 1st quarter 2nd quarter 92,477 120,100 Selling and administrative costs, including $2,402 depreciation: 1st quarter 2nd quarter Purchase of equipment (2nd quarter) Sale of equipment (1st quarter) Collections from clients 60,050 84,070 60,050 14,412 Ist quarter 2nd quarter 456,380 Interest payments (2nd quarter) Prepare a cash budget for each of the first two quarters of 2017, (Do not leave any answer field blank. Enter 0 for amounts) PLETCHER DENTAL CLINIC Cash Budget

Explanation / Answer

Cash Budget Particulars 1st Quarter 2nd Quarter Opening Balance $36,030 $30,025 Add: Collections Collections from clients $282,235 $456,380 Interest from investments $8,407 Sale of Equipment $14,412 Total Receipts $296,647 $464,787 Less: Payments Professional salaries $168,140 $168,140 Overhead Costs $92,477 $120,100 Selling and Admin OH excluding depreciation $57,648 $81,668 Income Taxes $4,804 Purchase of Equipment $60,050 Interest payment $240 Total Payments $318,265 $435,002 Closing balance before transfer from Line of credit(Opening balance+Collections-payments) $14,412 $59,810 Add:Transfer from Line of credit to balance $30025/(Transfer to) $15,613 -$15,613 Closing Cash Balance $30,025 $44,197

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