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(Solution) - Lager Dental Clinic is a medium sized dental service specializing in

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Lager Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2012. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere.
Beginning cash balance ............ $ 30,000
Required minimum cash balance ....... 25,000
Payment of income taxes (2nd quarter) ...... 4,000
Professional salaries:
1st quarter ................ 140,000
2nd quarter ................. 140,000
Interest from investments (2nd quarter) ...... 5,000
Overhead costs:
1st quarter ................ 75,000
2nd quarter ................. 100,000
Selling and administrative costs, including
$3,000 depreciation:
1st quarter ................. 50,000
2nd quarter ................ 70,000
Purchase of equipment (2nd quarter) ...... 50,000
Sale of equipment (1st quarter) ......... 15,000
Collections from clients:
1st quarter .................. 230,000
2nd quarter ................. 380,000
Interest payments (2nd quarter) ......... 300

Instructions
Prepare a cash budget for each of the first two quarters of 2012.

 







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This question was answered on: Jul 11, 2017

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