9. Prepare a budgeted income statement. Assume that the tax rate is 30%. 10. Prepare a cash collection schedule of sales for the second quarter. Xin's cash sales are insignificant (In other words, assume no cash sales.). They collect 30% of their sales in the month of sale, 60% in the month after, 8% two months after, and then the remainder is written off (won't be collected). Actual sales for February and March this year were $270,000 and $290,000 respectively. The collection percentages also apply to February and March. 11. Xin purchases 80% of its raw materials on account and 20% by cash. 70% of the credit purchases are paid for in the month of purchase; the remaining 30% are paid for in the following month. The purchase for March this year was $65,000. The collection percentages also apply to March. Prepare a cash disbursement schedule for raw materials. You may need to have a separate row for cash purchase. 12. Here are some other details: a. A $20,000 minimum cash balance is required for the end of each month. Money can be borrowed and repaid in multiples of $1,000. Interest is 12% per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a month, and all repayment (principal and interest) takes place at the end of a month. b. Please be aware of the depreciation in the overhead budget and Selling & Administrative Expense budget. c. The capital budget for the coming year revealed plans to purchase additional equipment. The cash outlay for the equipment, $60,000, will take place in April. The company plans to finance the acquisition of the equipment with operating cash, supplementing it with short-term loans as necessary. d. Corporate income taxes are approximately $100,000 and will be paid at the end of June. e. Beginning cash balance is $5,000 in April. Prepare a cash budget for Xin. The Xin Accounting Company (hereinafter abbreviated as "Xin") produces managerial accounting study aids. The company is preparing budgets for the second quarter ending June 30. All amounts in the budgets are rounded to the nearest cent. The sales forecast for April through August is: April 17,000 units May 38,000 units June 21,000 units July 19,000 units August 11,000 units The selling price is $13 per unit. Prepare a Sales Budget for Xin. Hint: You may need to consider July and August information in order to complete some of the budgets for Q2. Therefore, you may need to have columns for July and August in some of the budgets when necessary. Remember, your job is to create Q2 (April-June) budgets. July and August columns are used to only help you create Q2 budgets. You don't need to have July and August columns in all budgets. 9. Prepare a budgeted income statement. Assume that the tax rate is 30%. 10. Prepare a cash collection schedule of sales for the second quarter. Xin's cash sales are insignificant (In other words, assume no cash sales.). They collect 30% of their sales in the month of sale, 60% in the month after, 8% two months after, and then the remainder is written off (won't be collected). Actual sales for February and March this year were $270,000 and $290,000 respectively. The collection percentages also apply to February and March. 11. Xin purchases 80% of its raw materials on account and 20% by cash. 70% of the credit purchases are paid for in the month of purchase; the remaining 30% are paid for in the following month. The purchase for March this year was $65,000. The collection percentages also apply to March. Prepare a cash disbursement schedule for raw materials. You may need to have a separate row for cash purchase. 12. Here are some other details: a. A $20,000 minimum cash balance is required for the end of each month. Money can be borrowed and repaid in multiples of $1,000. Interest is 12% per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a month, and all repayment (principal and interest) takes place at the end of a month. b. Please be aware of the depreciation in the overhead budget and Selling & Administrative Expense budget. c. The capital budget for the coming year revealed plans to purchase additional equipment. The cash outlay for the equipment, $60,000, will take place in April. The company plans to finance the acquisition of the equipment with operating cash, supplementing it with short-term loans as necessary. d. Corporate income taxes are approximately $100,000 and will be paid at the end of June. e. Beginning cash balance is $5,000 in April. Prepare a cash budget for Xin. The Xin Accounting Company (hereinafter abbreviated as "Xin") produces managerial accounting study aids. The company is preparing budgets for the second quarter ending June 30. All amounts in the budgets are rounded to the nearest cent. The sales forecast for April through August is: April 17,000 units May 38,000 units June 21,000 units July 19,000 units August 11,000 units The selling price is $13 per unit. Prepare a Sales Budget for Xin. Hint: You may need to consider July and August information in order to complete some of the budgets for Q2. Therefore, you may need to have columns for July and August in some of the budgets when necessary. Remember, your job is to create Q2 (April-June) budgets. July and August columns are used to only help you create Q2 budgets. You don't need to have July and August columns in all budgets