ACCT 556 Week 6 Homework Problem For more course tutorials visit www . tutorialrank . com
monthly balance falls below $ 45,000 , the company will borrow against the line of credit so that the minimum balance can be maintained . If the company has borrowed against the line of credit and a cash balance is expected to be above $ 45,000 at the end of a particular month , then repayments will be made bringing the cash balance down to $ 45,000 . Interest on the line of credit is paid monthly . Assume that all line of credit transactions occur on the last day of the month .
Required :
Prepare a cash budget for the Hale Company for the 2nd quarter of the year . Include April , May , June , and a quarter total in your budget .
===============================================
ACCT 556 Week 6 Homework Problem For more course tutorials visit www . tutorialrank . com
ACCT 556
Week 6 Problem Proforma Statements
The Duncan Company has just completed a number of budgets for the coming year . The cost of goods manufactured schedule , the proforma income statement and the balance sheet still have to be completed . The following information is available :
Information from recent budgets for the coming year :