20.00 points Shamrock Shades operates in mall kiosks throughout the southwestern U.S. Shamrock purchases sunglasses from bulk discounters and sells the sunglasses in the mal klasks Shamrock is in the process of budgeting for the coming year and has projected sales of $410,000 for January, $490,000 for February $650,000 for March, and $690.000 for April. Shamrock's desired ending inventory is 30 percent of the following month's cost of goods sold. Cost of goods sold is expected to be 45 percent of sales. Required: Compute the required purchases for each month of the first quarter (January-March) January February March Required Purchases Hints References eBook & Resources - MacBook Pro Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 80 percent of the fees in the month the service is provided. In the month following service, Paul collects 15 percent of service fees. The final 5 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 75 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months June 1 cash balance $15400 June 1 supplies on hand $4,200 June 1 accounts receivable $8.700. June 1 accounts payable $4,100. Estimated sales for June, July, and August are $26.100, $39,200, and $41,900, respectively Sales during May were $24,500, and sales during April were $17.500 Estimated purchases for June, July, and August are $9,600, $18,400, and $13,200, respectively Purchases in May were $5,300. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. June July August Budgeted Cash Receipts Budgeted Cash Payments 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts Balances for August 31 Budgeted Balance Sheet 409011110 m - 9A O OTQWU k Pro-_- 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 25% of August Purchases Accounts Receivable 20% of August Sales 5% of July Sales Balance at August 31 Accounts Payable 50% of August Purchases References eBook & Resources - - - - - ArtacBook Pro- AfacBook +15