Reference no: EM132631967
Janeway, Inc. has a cash balance of $24,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:
Apr May Jun
Cash collections $24,000 $22,000 $24,000
Cash payments:
Purchases of direct materials 5,000 4,000 7,000
Operating expenses 5,300 5,000 5,000
Question 1: There are no budgeted capital expenditures or financing transactions during the quarter. Based on the above data, calculate the projected cash balance at the end of June.
Option 1: $48,000
Option 2: $50,700
Option 3: $62,700
Option 4: $37,700
Question 2: When a company is preparing a budgeted statement of cash flows, the payments to suppliers for purchases of direct materials can be obtained from the ________.
Option 1: cash budget
Option 2: production budget
Option 3: budgeted balance sheet
Option 4: sales budget
Question 3: Which of the following is true of the sales budget?
Option 1: It shows the cost of expected production in a period.
Option 2: It is used in the production budget.
Option 3: It captures the variable and fixed expenses of the business.
Option 4: It provides sales data that is used to prepare financial statements for external reporting purposes.
Question 4: Which of the following statements regarding the capital expenditures budget is correct?
Option 1: The decision to purchase long-term assets is part of a strategic plan.
Option 2: Capital expenditures are inexpensive assets.
Option 3: Installment payments related to the purchase of long-term assets are included in the capital expenditures budget.
Option 4: Capital expenditures are purchases of long-term assets, such as office supplies.
Question 5: The manufacturing overhead budget calculates the budgeted overhead cost for the year and also the predetermined overhead allocation rate for the year.
True
False
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