P23-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2014 are:
Direct materials purchases
Selling and administrative expenses
All sales are on account. Collections are expected to be 47% in the month of sale, 32% in the first month following the sale, and 21% 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 $1,490 of depreciation per month.
1. Credit sales: November 2013, $251,900; December 2013, $319,900.
2. Purchases of direct materials: December 2013, $100,800.
3. Other receipts: January—Collection of December 31, 2013, notes receivable $15,150; February—Proceeds from sale of securities $7,260.
4. Other disbursements: February—payment of $4,710 cash dividend.
The company’s cash balance on January 1, 2014, is expected to be $60,300. The company wants to maintain a minimum cash balance of $49,700.
a. Prepare schedules for expected collections from customers and expected payments for direct materials a. purchases for January and February
b. Prepare a cash budget for January and February. (List items that increase cash balance first.)
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