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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
Interest from investments (2nd quarter)
5,000
Overhead costs:
75,000
100,000
Selling and administrative costs, including
$3,000 depreciation:
50,000
70,000
Purchase of equipment (2nd quarter)
Sale of equipment (1st quarter)
15,000
Collections from clients:
230,000
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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