ABC Inc. Accounting Assingment Help With Solution

Problem #1 – 20 Points

The sales manager of ABC Inc. submitted the forecasted credit sales of products for the
the last six months of 2014 for budgetary purposes.

1) Sales Forecast 2014 (Units)
July	$ 200,000
August	$ 225,000
September	$ 164,000

The company is in the process of preparing a cash budget and must determine the
expected cash collections by month. To this end, the following information has been
assembled:

Collections on credit sales:
45% in month of Sales
35% in the first month following sales
20% in the second month following sales

Given these data., the total cash collected during July, August and September would be:

	Forecasted Cash Collections Budget
	July	August	September	Total
July
August
September
Totals

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Problem #2 – 15 Points

XYZ Inc. is working on its cash budget for June. The budgeted beginning cash balance is $14,000.
Budgeted Cash Receipts total $183,000 and budgeted Cash Disbursements total $182,000. The
desired ending Cash Balance is $33,000. The company has a line-of-credit agreement with its bank
up to $80,000 to borrow in case the Cash Balance at the end of a month does not meet the
aforementioned minimum balance.

*Prepare the Cash Budget for June:*

Cash Beginning Balance
Add:
Total
Less:
Excess (Deficiency of Cash available
Financing (if necessary)
Cash Ending Balance

Product Code :Acc42

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