Use the Following Information to Prepare the June Cash Budget

Essay

Use the following information to prepare the June cash budget for Springer Company.It should show expected cash receipts and cash payments for the month and the cash balance expected on June 30.
a.Beginning cash balance on June 1 is $52,000.
b.Cash receipts from sales are expected to be $1,625,000.
c.Cash payments for direct materials and direct labor are expected to be $246,500 and $573,100,respectively.
d.Budgeted cash payments for variable overhead is $340,000.
e.Budgeted depreciation,the only fixed overhead estimated for June: $24,000.
f.Cash selling and administrative expenses budgeted for June are $282,000.
g.Bank loan interest due in June: $8,000.
i.Loan payment of $50,000 should be made if the preliminary cash balance is greater than $200,000.