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Sheridan, Inc. prepared the following cash budget for the fourth quarter. Fill in the missing amounts,...

Sheridan, Inc. prepared the following cash budget for the fourth quarter. Fill in the missing amounts, assuming that Sheridan desires to maintain a $15,000 minimum monthly cash balance and all equipment was purchased during December. Any required borrowings and repayments must be made in even increments of $1,000. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)

October November December Quarter
Beginning cash balance $ $15,930 $ $16,020
Collections from sales 55,850 241,890
Total cash available 71,870 98,020 125,900
Less disbursements
   Materials purchases 8,600 13,610 33,610
   Direct labor 5,190 5,460 8,060 18,710
   Manufacturing overhead 20,200 22,470 21,570
   Selling & administrative expenses 29,150 29,440
   Equipment purchase 15,340
   Dividends 5,060 5,060
Total disbursements 65,940
Excess (deficiency) of cash 32,050
Minimum cash balance 15,000 15,000 15,000
Cash available (needed) -9,070 15,990
Financing:
   Borrowings 10,000
   Repayments -10,000
   Interest -100 -100
Total financing -10,100 -100
Ending cash balance $15,930 $21,950 $ $

Solutions

Expert Solution

The missing amount is shown below with the help of a spreadsheet:-

with the help of given formulas:-

ekkarill92 answered 1 year ago
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