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Complete this question by entering your answers in the tabs below. Prepare a schedule showing budgeted cash collections during May. Complete this question by entering your answers in the tabs below. Determine gross and net balances of accounts receivable on May 31 . Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31 . - The Board of Trustees requires that Tri-County maintain a minimum cash balance of $13. - If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13 minimum. - It is anticipated that the year will begin with an $16 cash balance. - Contract revenue is received evenly during the year. - Mental health income is expected to grow by $6 in the second and third quarters; no change is expectod in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end. Complete this question by entering your answers in the tabs below. Determine the amount that the agency will owe the endowment fund at year-end. (Enter your answer in thousands.) Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31. - The Board of Trustees requires that Tri-County maintain a minimum cash balance of $13. - If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13 minimum. - It is anticipated that the year will begin with an $16 cash balance. - Contract revenue is received evenly during the year. - Mental health income is expected to grow by $6 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end. Complete this question by entering your answers in the tabs below. Complete the cash budget for each quarter and the year as a whole. (Cash deficiency and repayments should be indicated by a minus sign. Enter your answers in thousands.) D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of Aprit: The firm follows these guidelines in preparing its budgets: - Sales. All sales are on credit with terms of 3/10,n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross amounts and collects 60% of the billings within the discount period, 25% by the end of the month, and 9% by the end of the second month. The firm's experience suggests that 6% is likely to be uncollectible and is written off at the end of the third month. - Purchases and expenses. All purchases and expenses are on open account. The firm pays its payables over a 2 -month period with 54% paid in the month of purchase. Each month's units of ending inventory should equal 135% of the next month's cost of sales. The cost of each unit of inventory is $60. Selling, general, and administrative (SG\&A) expenses, of which $2,400 is depreciation, equal 15% of the current month's sales. Actual and projected sales follow: Required: 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts recelvable on May 31 . Complete this question by entering your answers in the tabs below. Goldberg Company is a retall sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: - Sales are budgeted at $330,000 for December and $300,000 for January, terms 1/eom,n/60. - Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sale. Bad debts expense is included as part of operating expenses. - Gross margin is 30% of gross sales. - All accounts receivable are from credit sales. Bad debts are written off against the allowance account at the end of the month following the month of sale. - Goldberg desires to have 80% of the merchandise for the following month's sales on hand at the end of each month. Payment for merchandise is made in the month following the month of purchase. - Other monthly operating expenses to be paid in cash total $26,400. - Annual depreciation is $234,000, one-twelfth of which is reflected as part of monthly operating expenses. Goldberg Company's statement of financial position at the close of business on November 30 follows: Required: 1. What is the total of budgeted cash collections for December? 2. How much is the book value of accounts recelvable at the end of December? 3. How much is the income (loss) before income taxes for December? 4. What is the projected balance in inventory on Decomber 31,2022 ? Required: 1. What is the total of budgeted cash collections for December? 2. How much is the book value of accounts receivable at the end of December? 3. How much is the income (loss) before income taxes for December? 4. What is the projected balance in inventory on December 31,2022? 5. What are budgeted purchases of inventory for December? 6. What is the projected balance in accounts payable on December 31,2022 ? (For all requirements, Do not round intermediate calculations.) \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Cash Budget for Tri-County Social Service Agency } \\ \hline \multicolumn{6}{|c|}{ (in thousands) } \\ \hline & \multicolumn{4}{|c|}{ Quarters } & \multirow[b]{2}{*}{ Year } \\ \hline & 1 & II & III & IV & \\ \hline Cash balance, beginning & 16 & & & & 16 \\ \hline \multicolumn{6}{|l|}{ Receipts: } \\ \hline Grants & 100 & 97 & & & 279 \\ \hline Contracts & & & & & 100 \\ \hline Mental health income & 54 & & & & 246 \\ \hline Charitable donations & 510 & it & 270 & 490 & \\ \hline Total cash available & & 549 & 415 & & \\ \hline \multicolumn{6}{|l|}{ Less Disbursements: } \\ \hline Salaries and benefits & T & 381 & & - & 1,857 \\ \hline Office expenses & 104 & + & 82 & 68 & 355 \\ \hline Equipment purchases \& maintenance & 2 & 6 & 8 & & 26 \\ \hline Specific assistance & 21 & 15 & 17 & & 84 \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|c|} Total disbursements \\ \end{tabular}} \\ \hline Excess (deficiency) of cash available over disbursements & (66) & & & 140 & \\ \hline \multicolumn{6}{|l|}{ Financing: } \\ \hline Borrowings from endowment fund & & & 151 & & \\ \hline Repayments & & (33) & & & \\ \hline Total financing effects & & & & & \\ \hline Cash balance, ending & & & & & \\ \hline \end{tabular} Complete this fuestion by entering your answers in the tabs below. Prepare a schedule showing budgeted cash disbursements during June. Complete this question by entering your answers in the tabs below. Prepare schedules showing budgeted merchandise purchases for May and June. Complete this question by entering your answers in the tabs below. Prepare a schedule showing budgeted cash collections during May. Complete this question by entering your answers in the tabs below. Determine gross and net balances of accounts receivable on May 31 . Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31 . - The Board of Trustees requires that Tri-County maintain a minimum cash balance of $13. - If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13 minimum. - It is anticipated that the year will begin with an $16 cash balance. - Contract revenue is received evenly during the year. - Mental health income is expected to grow by $6 in the second and third quarters; no change is expectod in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end. Complete this question by entering your answers in the tabs below. Determine the amount that the agency will owe the endowment fund at year-end. (Enter your answer in thousands.) Tri-County Social Service Agency is a not-for-profit organization in the Midwest. Use the following information to complete the cash budget for the year ending December 31. - The Board of Trustees requires that Tri-County maintain a minimum cash balance of $13. - If cash is short, the agency may borrow from an endowment fund the amount required to maintain the $13 minimum. - It is anticipated that the year will begin with an $16 cash balance. - Contract revenue is received evenly during the year. - Mental health income is expected to grow by $6 in the second and third quarters; no change is expected in the fourth quarter. Required: 2. Complete the cash budget for each quarter and the year as a whole. 3. Determine the amount that the agency will owe the endowment fund at year-end. Complete this question by entering your answers in the tabs below. Complete the cash budget for each quarter and the year as a whole. (Cash deficiency and repayments should be indicated by a minus sign. Enter your answers in thousands.) D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of Aprit: The firm follows these guidelines in preparing its budgets: - Sales. All sales are on credit with terms of 3/10,n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross amounts and collects 60% of the billings within the discount period, 25% by the end of the month, and 9% by the end of the second month. The firm's experience suggests that 6% is likely to be uncollectible and is written off at the end of the third month. - Purchases and expenses. All purchases and expenses are on open account. The firm pays its payables over a 2 -month period with 54% paid in the month of purchase. Each month's units of ending inventory should equal 135% of the next month's cost of sales. The cost of each unit of inventory is $60. Selling, general, and administrative (SG\&A) expenses, of which $2,400 is depreciation, equal 15% of the current month's sales. Actual and projected sales follow: Required: 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts recelvable on May 31 . Complete this question by entering your answers in the tabs below. Goldberg Company is a retall sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: - Sales are budgeted at $330,000 for December and $300,000 for January, terms 1/eom,n/60. - Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sale. Bad debts expense is included as part of operating expenses. - Gross margin is 30% of gross sales. - All accounts receivable are from credit sales. Bad debts are written off against the allowance account at the end of the month following the month of sale. - Goldberg desires to have 80% of the merchandise for the following month's sales on hand at the end of each month. Payment for merchandise is made in the month following the month of purchase. - Other monthly operating expenses to be paid in cash total $26,400. - Annual depreciation is $234,000, one-twelfth of which is reflected as part of monthly operating expenses. Goldberg Company's statement of financial position at the close of business on November 30 follows: Required: 1. What is the total of budgeted cash collections for December? 2. How much is the book value of accounts recelvable at the end of December? 3. How much is the income (loss) before income taxes for December? 4. What is the projected balance in inventory on Decomber 31,2022 ? Required: 1. What is the total of budgeted cash collections for December? 2. How much is the book value of accounts receivable at the end of December? 3. How much is the income (loss) before income taxes for December? 4. What is the projected balance in inventory on December 31,2022? 5. What are budgeted purchases of inventory for December? 6. What is the projected balance in accounts payable on December 31,2022 ? (For all requirements, Do not round intermediate calculations.) \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Cash Budget for Tri-County Social Service Agency } \\ \hline \multicolumn{6}{|c|}{ (in thousands) } \\ \hline & \multicolumn{4}{|c|}{ Quarters } & \multirow[b]{2}{*}{ Year } \\ \hline & 1 & II & III & IV & \\ \hline Cash balance, beginning & 16 & & & & 16 \\ \hline \multicolumn{6}{|l|}{ Receipts: } \\ \hline Grants & 100 & 97 & & & 279 \\ \hline Contracts & & & & & 100 \\ \hline Mental health income & 54 & & & & 246 \\ \hline Charitable donations & 510 & it & 270 & 490 & \\ \hline Total cash available & & 549 & 415 & & \\ \hline \multicolumn{6}{|l|}{ Less Disbursements: } \\ \hline Salaries and benefits & T & 381 & & - & 1,857 \\ \hline Office expenses & 104 & + & 82 & 68 & 355 \\ \hline Equipment purchases \& maintenance & 2 & 6 & 8 & & 26 \\ \hline Specific assistance & 21 & 15 & 17 & & 84 \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|c|} Total disbursements \\ \end{tabular}} \\ \hline Excess (deficiency) of cash available over disbursements & (66) & & & 140 & \\ \hline \multicolumn{6}{|l|}{ Financing: } \\ \hline Borrowings from endowment fund & & & 151 & & \\ \hline Repayments & & (33) & & & \\ \hline Total financing effects & & & & & \\ \hline Cash balance, ending & & & & & \\ \hline \end{tabular} Complete this fuestion by entering your answers in the tabs below. Prepare a schedule showing budgeted cash disbursements during June. Complete this question by entering your answers in the tabs below. Prepare schedules showing budgeted merchandise purchases for May and June