This Tutorial contains Excel Sheet which can be used to solve below mentioned Problem for any numbers/values Complete the assigned exercises in WileyPLUS. Chapter 7 – Excel Assignment (E7-8); Chapter 7 – Excel Assignment (E7-14: Cash Budget) Exercise 7-8 The following information pertains to Joyce Company. 1. Cash balance per bank, July 31, $7,419. 2. July bank service charge not recorded by the depositor $57. 3. Cash balance per books, July 31, $7,455. 4. Deposits in transit, July 31, $2,791. 5. Note for $2,091 collected for Joyce Company in July by the bank, plus interest $55 less fee $39. The collection has not been recorded by Joyce Company, and no interest has been accrued. 6. Outstanding checks, July 31, $705. Exercise 7-14 Enright Company expects to have a cash balance of $63,550 on January 1, 2014. These are the relevant monthly budget data for the first two months of 2014. 1. Collections from customers: January $88,550, February $163,550. 2. Payments to suppliers: January $57,550, February $92,550. 3. Wages: January $30,161, February $40,161. Wages are paid in the month they are incurred. 4. Administrative expenses: January $21,161, February $24,161. These costs include depreciation of $1,000 per month. All other costs are paid as incurred. 5. Selling expenses: January $15,161, February $20,161. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of short-term investments in January are expected to realize $12,161 in cash. Enright has a line of credit at a local bank that enables it to borrow up to $25,000. The company wants to maintain a minimum monthly cash balance of $37,550. Prepare a cash budget for January and February.
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