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# John Wills, Swifty & Hill Fabricators’ budget director, has received budget information from several managers and...

## Question

###### John Wills, Swifty & Hill Fabricators’ budget director, has received budget information from several managers and...

John Wills, Swifty & Hill Fabricators’ budget director, has received budget information from several managers and is preparing the company’s cash budget.

January February March    Quarter 303,405 550,875 587,100 1,441,380 45,470 67,800 80,180 193,450 125,430 215,830 190,970 532,230 97,615 100,779 99,909 298,303 58,195 74,300 70,910 203,405

In addition to the information he received from these managers, John knows the following:

 ● Bates & Hill plans to have \$67,800 in its cash account on January 1. ● Bates & Hill plans to declare and pay dividends totaling \$55,300 in January. ● Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of \$81,360. ● Bates & Hill plans to make a cash purchase of equipment in March at a cost of \$67,800. ● Bates & Hill’s income taxes from last quarter totaling \$85,040 will be paid in January. ● Bates & Hill is required to maintain a minimum cash balance of \$33,900 in its account at First National Bank.

Swifty & Hill has negotiated with the First National Bank to provide a \$198,000 line of credit that can be borrowed against in \$1,000 increments on the first day of the month. Any repayments on the line of credit must also be made in \$1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 14%. Any time a principal payment is made, all accrued interest to date is repaid. Prepare Swifty & Hill’s cash budget for the first quarter

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