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Middleboro Township plans to order supplies every quarter of the year. It expects to receive the supplies in the quarter after they are ordered. It expects to use them the quarter after that and pay for them the quarter after that. For example, if it orders supplies in the first quarter of the year, it will receive them in the second quarter, use them in the third quarter, and pay for them in the fourth quarter. The township pays salaries in the quarter that the employees work.
The township earns its income tax revenues equally throughout the year. However, it receives substantially more cash in April, when tax returns are filed. It plans to borrow $ 35,000 on a 20- year, 5 per-cent annual interest note, on the first day of the fourth quarter. Interest will be paid once each year at the end of the third quarter.
Jan-Mar
Apr-Jun
Jul-Sep
Oct-Dec
Total
Supply orders
$300,000
$360,000
$390,000
$330,000
$1,380,000
Salaries
600,000
750,000
825,000
720,000
2,895,000
Income tax cash receipts
1,200,000
3,000,000
The town prepares its operating budget following the unique rules of modified accrual accounting employed by governments. Under these rules expenses are recorded when the town receives goods or ser-vices and becomes legally obligated to pay for them. It does not matter if they have been used or not. Also, cash inflows or proceeds from long- term loans are treated as if they were revenues. Using the information from the table above, prepare an operating budget and a cash budget for Middleboro Township for the fourth quarter only. Assume the town has $ 300,000 in cash when the fourth quarter starts.
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