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The following information is available for Sheridan Company for the month of January: expected cash receipts $59,020; expected cash disbursements $66,600; and cash balance on January 1, $11,980. Management wishes to maintain a minimum cash balance of $8,490. Prepare a basic cash budget for the month of January.

Respuesta :

Answer:

Explanation:

The preparation of the cash budget is shown below:

Beginning cash balance                                   $11,980

Add: Expected cash receipts                           $59,020

Total Cash available                                         $71,000

Less: Expected cash disbursements               ($66,600)

Excess amount                                                  $4,400

Amount need to be financed (Bal. figure)        $4,090

Ending cash balance                                        $8,490

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