Tamper Lid properties monthly cash budgets. Relevant data from operating budgets for hold areJanuaryFebruarySale$360,0001400.000Direct material purchase$125,000$130,000$90.000$100,000Manufacturing overbead$70,000$75.000Selling and administrative expenses$79.000586 000Avidtignal InformationAll sales are on credit collections are expected to be 50% in the month of sales, 30% in the first month following sale, and 20% in the second month following the saleSirty per cent of direct material purchases are paid in cash in the month of purchase, and the balance due is paid the month following the purchase other Nemos above are paid in the month incurred. The selling and administrative expenses includes $1,000 of depreciation per monthActual Credit sales: November 2019, $260,000; December 2019, $300,000Purchases of direct materials: December 2019, $100,00021 of 24Other receipt January – Collection of 31 December 2019, notes receivable $15,000;February – Proceeds from sale of securities $6,0004. Other disbursements:
February -withdrawal of $5,000 cash for the personal use of owner; Dewey YaegerVerger Lid’s cash balance on 01 January 2020, is $70,090. The entity wants to maintain a minimum cash balance of $90,000Discuss the four (4) benefits to an entity in preparing budgets for the coming financial year (4 marks]Prepare the schedule of receipts from account receivables for January and February 2020 (3 marks)Prepare the schedule of payments to suppliers of direct materials for January and February 2020 (2 marks)Prepare the cash budget for the month ended 31 January 2020 (6 marks)
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