cash budget for Hoyt, Inc. - 90244

Solution Posted by
goodjob

goodjob

Rating : No Rating
Solution Detail
Price: $45.00
  • From: Business, Accounting
  • Posted on: Thu 30 Apr, 2015
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description
cash budget for Hoyt, Inc. PART I. Hoyt, Inc. has estimated current year sales (in millions) for the next four quarters. Quarter 1 - $240, Quarter 2 - $250, Quarter 3 - $205, and Quarter 4 - $350 • Sales for the 1st quarter next year are projected to be $230. • Accounts Receivable at the beginning of the year was $100. • Beginning Accounts Payable were $60. • The beginning cash balance is $50. • Hoyt, Inc. cash collection schedule is as follows: 60% of sales in the current quarter, 40% in the 1st quarter after sale. • Purchases from suppliers in a quarter are equal to 50% of the next quarter’s forecasted sales. • Suppliers are normally paid in 50% in the quarter purchases are made and 50% in the following quarter. • Wages, taxes and other expenses are 20% of current quarter sales • Hoyt, Inc. maintains a minimum cash balance of $30 Question #1: Complete a cash budget for Hoyt, Inc.
Solution Description
Attachments
cash_budget_for_Hoyt,_Inc.xls
cash_budget_for...