05 Jun HCS 380 Week 4 WileyPlus Ex 7-8, Ex7-14 NEW
Complete the assigned exercises in WileyPLUS.
Chapter 7 – Excel Assignment (E7-8);
Chapter 7 – Excel Assignment (E7-14: Cash Budget)
Exercise 7-8
The following information pertains to Joyce Company.
1.
Cash balance per bank, July 31, $7,419.
2.
July bank service charge not recorded by the depositor $57.
3.
Cash balance per books, July 31, $7,455.
4.
Deposits in transit, July 31, $2,791.
5.
Note for $2,091 collected for Joyce Company in July by the bank, plus interest $55 less fee $39. The collection has not been recorded by Joyce Company, and no interest has been accrued.
6.
Outstanding checks, July 31, $705.
Exercise 7-14
Enright Company expects to have a cash balance of $63,550 on January 1, 2014. These are the relevant monthly budget data for the first two months of 2014.
1.
Collections from customers: January $88,550, February $163,550.
2.
Payments to suppliers: January $57,550, February $92,550.
3.
Wages: January $30,161, February $40,161. Wages are paid in the month they are incurred.
4.
Administrative expenses: January $21,161, February $24,161. These costs include depreciation of $1,000 per month. All other costs are paid as incurred.
5.
Selling expenses: January $15,161, February $20,161. These costs are exclusive of depreciation. They are paid as incurred.
6.
Sales of short-term investments in January are expected to realize $12,161 in cash. Enright has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $37,550.
Prepare a cash budget for January and February.
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