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Author Question: FirstState Manufacturing is preparing its cash payments budget for the coming month. The following ... (Read 57 times)

123654777

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on: Jan 5, 2020
FirstState Manufacturing is preparing its cash payments budget for the coming month.  The following information pertains to the cash payments:
a.  FirstState Manufacturing pays for 60% of its direct materials purchases in the month of
purchase and the remainder the following month.  Last month's direct material purchases were $40,000, while FirstState Manufacturing anticipates $45,000 of direct material purchases this coming month.
b.  Direct labour for the upcoming month is budgeted to be $25,000 and will be paid at the end of
the upcoming month.
c.  Overhead is estimated to be 150% of direct labour cost each month and is paid in the month in
which it is incurred.  This monthly estimate includes $8,000 of depreciation on the plant and equipment.
d.  Monthly operating expenses for next month are expected to be $27,500, which includes $1,500
of depreciation on office equipment and $2,000 of bad debt expense. These monthly operating expenses are paid during the month in which they are incurred.
e.  FirstState Manufacturing will be making an estimated tax payment of $6,000 next month.

Required:
Prepare a cash payments budget for the month.
Managerial Accounting, Canadian Edition ¦ Braun, Tietz, Pyper ¦ 2nd Edition
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Marked as best answer by 123654777 on Jan 5, 2020

ms_sulzle

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Reply #1 on: Jan 5, 2020
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123654777

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Reply 2 on: Jan 5, 2020
Excellent

ebonylittles

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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