10:33 Done Document3.docx Question 2 . 20 4 Otomoto Rouge M Required Using the data ove complete the following statements and cheese Sed of experie chcecient 20. Merchandise purchases budget 2- Schedule of expected house for merchandise purch Chute Preparato con come statement for the 5. Prepare a blance sheets of March 31 Cach Complete the big 2 . 10:33 Done Document3.docx on the menu 200 Rodange WWE Complete the question byteris in the ES Much Complete the question bring you need Cube Complete this question by entering the use 10:34 Done Document3.docx Free women Complete set by entering your A . Question 3 med 600 T Question 2 Hlyard Company, an office supplies specialty store, prepares i master budget on a quarterly basis. The following dat have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 the end of the prior quotes, the company general ledige showed the following account balances Cash accounts receivable Inventory Dullings and want t) Accounts payable Cock Retained earning 213.00 09.30 367,000 90.225 5. 107,675 32.900 3 097.900 b. Actual sales for December and budgeted sales for the next four months are as follows December(actual) January February arch April $257,000 400,000 599.00 $314,000 $ 210,000 Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December creates d The company's gross margin is 40% of sales in other words, cost of goods sold is 60% of sales) e Monthly expenses are budgeted as follows stories and wages. $32.000 per month advertising, 564.000 per month shipping, 5% of sales, other expenses 3% of sales Depreciation, including depreciation on new assets acquired during the quarter will be 544,820 for the quarter. Each month's ending Inventory should equal 25% of the following month's cost of goods sold g. One half of a month's inventory purchases is paid for in the month of purchase, the other hair is paid in the following months h During February, the company will purchase a new copy machine for $2.700 cash. During March other equipment will be purchased for cash at a cost of $78.500 During January, the company wil declare and pay $45,000 in cash dividends Management wants to maintain a minimum cash balance of 530.000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simply we will assume that interest is not compounded. The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter 10:33 Done Document3.docx Question 2 . 20 4 Otomoto Rouge M Required Using the data ove complete the following statements and cheese Sed of experie chcecient 20. Merchandise purchases budget 2- Schedule of expected house for merchandise purch Chute Preparato con come statement for the 5. Prepare a blance sheets of March 31 Cach Complete the big 2 . 10:33 Done Document3.docx on the menu 200 Rodange WWE Complete the question byteris in the ES Much Complete the question bring you need Cube Complete this question by entering the use 10:34 Done Document3.docx Free women Complete set by entering your A . Question 3 med 600 T Question 2 Hlyard Company, an office supplies specialty store, prepares i master budget on a quarterly basis. The following dat have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 the end of the prior quotes, the company general ledige showed the following account balances Cash accounts receivable Inventory Dullings and want t) Accounts payable Cock Retained earning 213.00 09.30 367,000 90.225 5. 107,675 32.900 3 097.900 b. Actual sales for December and budgeted sales for the next four months are as follows December(actual) January February arch April $257,000 400,000 599.00 $314,000 $ 210,000 Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December creates d The company's gross margin is 40% of sales in other words, cost of goods sold is 60% of sales) e Monthly expenses are budgeted as follows stories and wages. $32.000 per month advertising, 564.000 per month shipping, 5% of sales, other expenses 3% of sales Depreciation, including depreciation on new assets acquired during the quarter will be 544,820 for the quarter. Each month's ending Inventory should equal 25% of the following month's cost of goods sold g. One half of a month's inventory purchases is paid for in the month of purchase, the other hair is paid in the following months h During February, the company will purchase a new copy machine for $2.700 cash. During March other equipment will be purchased for cash at a cost of $78.500 During January, the company wil declare and pay $45,000 in cash dividends Management wants to maintain a minimum cash balance of 530.000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simply we will assume that interest is not compounded. The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter