Here are some important figures from the budget of Baltimore Baking for the first quarter of 2015:
January February March
Credit sales $ 300,000 $ 350,000 $ 350,000
Credit purchases 60,000 60,500 50,250
Cash disbursements
Wages, taxes, and expenses 42,750 49,000 51,250
Interest 8,300 8,300 8,300
Equipment purchases 79,000 81,000 0
In Baltimore Baking's experience, 7% of its credit sales will never be collected, 40% of its credit sales are paid in the month of the sale, and another 53% of its credit sales are paid in the month after the sale. Credit purchases will be paid in the month following the purchase.
In December 2014, credit sales were $347,000 and credit purchases were $57,500.
Using this information, complete the following cash budget (Round answers to the nearest whole dollar):
January February March
Beginning cash balance $ 655,000 $ ____________ $ ____________
Cash receipts
Cash collections from credit sales ____________ ____________ ____________
Total cash available ____________ ____________ ____________
Cash disbursements
Purchases ____________ ____________ ____________
Wages, taxes, and expenses ____________ ____________ ____________
Interest ____________ ____________ ____________
Equipment purchases ____________ ____________ ____________
Total cash disbursements ____________ ____________ ____________
Ending cash balance ____________ ____________ ____________