10 Cellmor Products is preparing its budget for January, February 1 and March 2021, and has collected and assembled the 2 following information and assumptions for its income 3 statement and cash flow budgets: -4 -5 6 7 8 Budgeted Sales and Cost of Goods Sold 1 January February March April 12 3 Unit Sales 3,500 3,000 4,200 3,200 4 Selling Price, per unit 5 Cost of Goods Sold, per unit B $30.00 $30.00 $31.00 $32.00 17.00 17.00 17.00 17.00 8 Budgeted monthly operating expenses 9 Salaries Expenses $16,000 per month 0 Other Fixed Expenses $10,000 per month Depreciation Expense $2,047 per month 2 Variable Selling Expense 15% of the month's sales $ 3 4 6 7 Cash collections of Sales Revenue: Test 64 65 66 67 Cash collections of Sales Revenue: 68 Accounts Receivable balance, December 31, 2019 69 Percentage of Sales collected in month of sale 70 Percentage of Sales collected in month following the sale 71 72 73 Cash payments on Cost of Goods Sold: 74 Accounts Payable balance, December 31, 2019 75 Percentage of COGS paid for in month incurred 76 Percentage of COGS paid for in following month 77 78 Cash payments on operating expenses 79 80 Other cash flow info: 81 82 Cash dividends paid per month Equipment purchase for cash 83 Equipment purchase for cash 84 85 $70,000 (all of which is to be collected in January) 45% 55% $45,000 (all of which is to be paid in January) 25% of COGS 75% of COGS Paid for (as applicable) in the month incurred $2,000 per month $12,000 in January $4,094 in February 86 Operating Line of Credit: 87 Minimum end of month cash balance desired $15,000 88 Annual Interest on borrowed cash 4% Paid when principle is repaid 89 90 91 Any amounts borrowed are borrowed at the beginning of the month where borrowing is needed Ang bank loan amounts (and interest) repaid are repaid at the end of the month 92 Test 4 student file 030 Excel Search %88 Number Ex Conditional Format as Cell Formatting Table Styles Styles K Insert Delete 4 Format Cells Amina Khelifa - AT O Sort & Find & Filter Select Editing M N 0 In the areas provided, prepare Cellmor's budgeted schedules. Some of the year total amounts cells already have calculations. Please ensure you complete any schedule's "total" amounts as and where Marks are based on arriving at correctly calculated amounts. necessary. Cell referencing is, as always, encouraged. Cellmor Products Budgeted Income Statement (Partial) Sales Cost of Goods Sold Gross Margin Salaries Expenses Other Fixed Expenses Depreciation Expense Variable Selling Expense Operating Income provide line item descriptions January 1st Quarter, 2021 February March Total Cellmor Products Schedule of Budgeted Cash Collections January 1st Quarter, 2021 February March Total provide line item descriptions. Total Cash Collections provide line item descriptions... Total Cash Pauments. Cellmor Products Schedule of Budgeted Cash Collections January 1st Quarter, 2021 February March Total Cellmor Products Cash Payments: for Cost of Goods Sold January 1st Quarter, 2021 February March Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0