Business, 04.04.2020 08:32 Spence8900
Danner Company expects to have a cash balance of $52,650 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $99,450, February $175,500. Payments for direct materials: January $58,500, February $87,750. Direct labor: January $35,100, February $52,650. Wages are paid in the month they are incurred. Manufacturing overhead: January $24,570, February $29,250. These costs include depreciation of $1,755 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $17,550, February $23,400. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $14,040 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29,250. The company wants to maintain a minimum monthly cash balance of $23,400. Prepare a cash budget for January and February.
Answers: 1
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Danner Company expects to have a cash balance of $52,650 on January 1, 2020. Relevant monthly budget...
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