- Cooke Company Has Provided The Following Budget Information For The First Quarter Of 2024 Click The Icon To View The Bu 1 (28.16 KiB) Viewed 10 times
- Cooke Company Has Provided The Following Budget Information For The First Quarter Of 2024 Click The Icon To View The Bu 2 (22.08 KiB) Viewed 10 times
- Cooke Company Has Provided The Following Budget Information For The First Quarter Of 2024 Click The Icon To View The Bu 3 (29.13 KiB) Viewed 10 times
- Cooke Company Has Provided The Following Budget Information For The First Quarter Of 2024 Click The Icon To View The Bu 4 (24.06 KiB) Viewed 10 times
Data table Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Print Done $ 218,000 41,300 36,700 1,150 1.100 6,800 4,000 1.800 1,900 550 6.540 - X
upts from custo eivable baland collected in 2 More info a. Capital expenditures include $36,000 for new manufacturing equipment to be purchased and paid in the first quarter. b. Cash receipts are 70% of sales in the quarter of the sale and 30% in the quarter following the sale. c. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. e. Income tax expense for the first quarter is projected at $43,000 and is paid in the quarter incurred. f. Cooke Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter. g. The December 31, 2023, balance in Cash is $15,000, in Accounts Receivable is $22,800, and in Accounts Payable is $9,000. Print - Done
ble balance, December 31, 2023 s from custo able baland ollected in 2 Requirements 1. Prepare Cooke Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2024. 2. Prepare Cooke Company's cash budget for the first quarter of 2024. Print Done X