9:41 AM Sat Apr 27 Done < > AA Homework: Strategic Tools Assignment i 15 points 1 Skipped Requieu. ezto.mheducation.com Saved Help Save & Exit Submit 5 Check my work 1. Prepare a schedule of cash receipts from sales for each of the months of June and July. 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $356,180. 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Print Prepare a schedule of cash receipts from sales for each of the months of June and July. AZTEC COMPANY Schedule of Cash Receipts from Sales May June July $ 416,000 $ 880,000 $ 720,000 References Sales Cash receipts from: Collections of current period sales Collections of prior period sales Total cash receipts Mc Graw Hill < Required 1 Required 2 > < Prev 1 of 2 Next > 5G 9:41 AM Sat Apr 27 Done < > AA ezto.mheducation.com Homework: Strategic Tools Assignment i Saved 15 points 1 Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. May (Actual) June (Budget) July (Budget) August (Budget) Sales units Sales dollars 2,600 $ 416,000 5,500 4,500 $ 880,000 $ 720,000 3,800 $ 608,000 Help Save & Exit Submit 5 Check my work Skipped eBook Print References All sales are on credit. Collections are as follows: 22% is collected in the month of the sale, and the remaining 78% is collected in the month following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and the other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 22% of the next month's unit sales. The May 31 actual inventory level of 1,210 units is consistent with this policy. Selling and administrative expenses of $134,000 per month are paid in cash. The company's minimum cash balance at month-end is $150,000. Loans are obtained at the end of any month when the preliminary cash balance is below $150,000. Any preliminary cash balance above $150,000 is used to repay loans at month-end. This loan has a 1.0% monthly interest rate. On May 31, the loan balance is $49,500, and the company's cash balance is $150,000. Required: 1. Prepare a schedule of cash receipts from sales for each of the months of June and July. 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $356,180. 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Mc Graw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cash receipts from sales for each of the months of June and July. AZTEC COMPANY Schedule of Cash Receipts from Sales < Prev 1 of 2 Next > 5G 9:41 AM Sat Apr 27 Done < > AA Homework: Strategic Tools Assignment i 15 points 1 Skipped Requieu. ezto.mheducation.com Saved Help Save & Exit Submit 5 Check my work 1. Prepare a schedule of cash receipts from sales for each of the months of June and July. 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $356,180. 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Print Prepare the merchandise purchases budget for June and July. AZTEC COMPANY Merchandise Purchases Budgets References Budgeted sales units Calculation of desired ending inventory Mc Graw Hill Next period budgeted sales units Ratio of inventory to future sale Units to purchase June July 5,500 4,500 Cost per unit $ 110 $ 110 Cost of merchandise purchases Required 1 Required 3 > < Prev 1 of 2 Next > 5G 9:41 AM Sat Apr 27 Done < > AA Homework: Strategic Tools Assignment i 15 points ezto.mheducation.com 1 Required 1 Required 2 Required 3 Required 4 Skipped Saved Help Save & Exit Submit 5 Check my work Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollars.) eBook Beginning cash balance Print Total cash available Less: Cash payments for: References Mc Graw Hill Total cash payments Preliminary cash balance Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month AZTEC COMPANY Cash Budget June and July June July Loan balance June July < Prev 1 of 2 Next > 5G 9:41 AM Sat Apr 27 Done < > AA Homework: Strategic Tools Assignment i 15 points 1 Skipped Requieu. ezto.mheducation.com Saved Help Save & Exit Submit 5 Check my work 1. Prepare a schedule of cash receipts from sales for each of the months of June and July. 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $356,180. 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Print References Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $356,180. AZTEC COMPANY Schedule of Cash Payments for Merchandise Purchases May June July Merchandise purchases | Cash payments for Current period purchases Prior period purchases Total cash payments for merch. purchases < Required 2 Required 4 Mc Graw < Prev 1 of 2 Next > Hill 5G