(Answered) Question1 payment inc is preparing its cash budget for

Accounting

Question1: Payment Inc. is preparing its cash budget for February. The budgeted beginning cash balance is $47,000. Budgeted cash receipts total $165,000 and budgeted cash disbursements total $168,000. The desired ending cash balance is $65,000. The company can borrow up to $100,000 at any time from a local bank with interest not due until the following month.

Required: Prepare the company's cash budget for February in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance.

Question 2: Nic Saybin Enterprises' accounting department collects all pertinent monthly operating data. Correct Answer: Correct Answer: Selected data are presented below for the current month. From the data provided, please provide Saybin Enterprises' management with a flexible budget analysis to see how costs were controlled.

Actual Costs Incurred Static Budget

Activity level (in units) 755,000 746,500

Variable costs:

Indirect materials $328,997 $325,640

Utilities $174,332 $171,890

Fixed costs:

General and administrative $237,985 $244,908

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