anwser the 6 questions with the following information

September October 1 Total Cash Receipts 2 Inventory Purchases 3 Cash Payments for Inventory Purchases 4 Total Variable Selling & Administrative Costs 5 Total Fixed Selling & Administrative Costs 6 Total Cash Payments (S&A Budget) Bobcat Beverage Company Balance Sheets As of August 31, 2019 ASSETS CURRENT ASSETS Cash $ 25,800 Accounts Receivable $ 595,000 Inventory $ 50,688 Prepaid Insurance $ 27,500 TOTAL CURRENT ASSETS $ 698,988 PROPERTY PLANT & EQUIPMENT Land $ 100,000 Equipment $ 300,000 Accumulated Depreciation $ (100,000) TOTAL PPE $ 300,000 TOTAL ASSETS $ 998,988 LIABILITIES & STOCKHOLDERS EQUITY CURRENT LIABILITIES Accounts Payable $ 81,859 Commissions Payable $ 59,500 Advertising Expense Payable $ 121,250 Income Taxes Payable $ 22,000 Dividends Payable TOTAL CURRENT LIABILITIES $ 284,609 LONG TERM DEBT $ 220,000 STOCKHOLDERS EQUITY Common Stock Retained Earnings TOTAL STOCKHOLDERS EQUITY $ $ 89,500 404,879 $ 494,379 8 TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 998,988 Expected Sales (all sales are credit sales) September $800 000 Collections of Accounts Receivable Month of Sale Month following Sale 29% 719 Cost of Goods Sold percentage of sales 359 740 Inventory Purchase Information Purchases paid in current month Purchases paid in next month Purchases are al on credit Planned ending inventory as a percentage of next month's Cost of Goods Sold Sales Commission Information Sales commissions as a percentage of sales Sales commissions are paid the month after they are incurred Advertising Expense Information Variable Rafe Fixed Cost 15 50% $80,000 5 Insurance policy Information # of months of insurance coverage paid for each year The policy period is from August 1 to July 31 each year The premium was paid on July 31, 2019 0 The premium will be charged to prepaid insurance $30,000 2 General and Administrative Expense Information 13 Fibed cost portion 54 Variable rate (as a percentage of sales) 85 Seling and administrative expenses are paid in the month incurred $50.000 13.00% 37 Fixed Asset Information 38 Purchase Land on September 15, 2019 39 Current Depreciation expense per month 260.000 10.000 $25,000 41 Long-Term Loan Interest Information 42 The interest rate on the long-term debt per month is 43 Interest is paid on the principle balance at the beginning of the month 44 Minimum Cash Balance 45 New borrowing must be in $1.000 increments 46 47 Tax Information 48 Income tax rate 49 Taxes are paid in the month after they are incurred (expensed) 50 51 Dividend Information 52 Cash dividend declared on September 20, 2019 53 Cash dividend paid on October 15, 2019 $30.000 Policies and Plans used by The Bobcat Beverage Company, Inc., in budgeting 1. All Sales are on Credit. Sales are collected 29% in the month of sale and 71% in the month following sale. 2. Cost of goods sold is budgeted to be 35% of sales. 3. The Bobcat Beverage Company, Inc. plans to end each month with inventory levels equal to 12% of the next month's cost of sales. 4. The company pays for 74% of the purchases of merchandise in the month of the purchase and 26% in the following month. 5. The Bobcat Beverage Company, Inc. pays a sales commission of 7.5% on all sales. The selling commission is paid in the month after the salesmen earn the commission. 6. The company believes that advertising expense is a mixed cost. Based on an analysis of data from previous years, they determine that the best estimate of advertising expense is 15.5% of sales plus $80,000. The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. The Bobcat Beverage Co., Inc. Sales Forecast for Sept. to Nov., 2019 September October November Sales Revenue (all Sales are $800,000 $700,000 $800,000 on Credit) Bobcat Beverage Company, Inc Balance Sheet As of August 31, 2019 $ Assets: Cash Accounts receivable Inventory Prepaid Insurance Current assets $ 25,800 595,000 50,688 27,500 $ 698,988 Liabilities: Accounts payable Sales commissions payable Advertising Expense Payable Income taxes payable Dividends payable Current liabilities 81,859 59,500 121,250 22,000 $ 284,609 Long-term debt 220,000 Property, Plant & Equipment Land Plant & Equipment Accumulated depreciation 100,000 300,000 (100,000) Stockholders' equity Common stock Retained earnings Total SE & Liabilities $ Total assets S 998.988 89,500 404,879 998.988 $ September October 1 Total Cash Receipts 2 Inventory Purchases 3 Cash Payments for Inventory Purchases 4 Total Variable Selling & Administrative Costs 5 Total Fixed Selling & Administrative Costs 6 Total Cash Payments (S&A Budget) Bobcat Beverage Company Balance Sheets As of August 31, 2019 ASSETS CURRENT ASSETS Cash $ 25,800 Accounts Receivable $ 595,000 Inventory $ 50,688 Prepaid Insurance $ 27,500 TOTAL CURRENT ASSETS $ 698,988 PROPERTY PLANT & EQUIPMENT Land $ 100,000 Equipment $ 300,000 Accumulated Depreciation $ (100,000) TOTAL PPE $ 300,000 TOTAL ASSETS $ 998,988 LIABILITIES & STOCKHOLDERS EQUITY CURRENT LIABILITIES Accounts Payable $ 81,859 Commissions Payable $ 59,500 Advertising Expense Payable $ 121,250 Income Taxes Payable $ 22,000 Dividends Payable TOTAL CURRENT LIABILITIES $ 284,609 LONG TERM DEBT $ 220,000 STOCKHOLDERS EQUITY Common Stock Retained Earnings TOTAL STOCKHOLDERS EQUITY $ $ 89,500 404,879 $ 494,379 8 TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 998,988 Expected Sales (all sales are credit sales) September $800 000 Collections of Accounts Receivable Month of Sale Month following Sale 29% 719 Cost of Goods Sold percentage of sales 359 740 Inventory Purchase Information Purchases paid in current month Purchases paid in next month Purchases are al on credit Planned ending inventory as a percentage of next month's Cost of Goods Sold Sales Commission Information Sales commissions as a percentage of sales Sales commissions are paid the month after they are incurred Advertising Expense Information Variable Rafe Fixed Cost 15 50% $80,000 5 Insurance policy Information # of months of insurance coverage paid for each year The policy period is from August 1 to July 31 each year The premium was paid on July 31, 2019 0 The premium will be charged to prepaid insurance $30,000 2 General and Administrative Expense Information 13 Fibed cost portion 54 Variable rate (as a percentage of sales) 85 Seling and administrative expenses are paid in the month incurred $50.000 13.00% 37 Fixed Asset Information 38 Purchase Land on September 15, 2019 39 Current Depreciation expense per month 260.000 10.000 $25,000 41 Long-Term Loan Interest Information 42 The interest rate on the long-term debt per month is 43 Interest is paid on the principle balance at the beginning of the month 44 Minimum Cash Balance 45 New borrowing must be in $1.000 increments 46 47 Tax Information 48 Income tax rate 49 Taxes are paid in the month after they are incurred (expensed) 50 51 Dividend Information 52 Cash dividend declared on September 20, 2019 53 Cash dividend paid on October 15, 2019 $30.000 Policies and Plans used by The Bobcat Beverage Company, Inc., in budgeting 1. All Sales are on Credit. Sales are collected 29% in the month of sale and 71% in the month following sale. 2. Cost of goods sold is budgeted to be 35% of sales. 3. The Bobcat Beverage Company, Inc. plans to end each month with inventory levels equal to 12% of the next month's cost of sales. 4. The company pays for 74% of the purchases of merchandise in the month of the purchase and 26% in the following month. 5. The Bobcat Beverage Company, Inc. pays a sales commission of 7.5% on all sales. The selling commission is paid in the month after the salesmen earn the commission. 6. The company believes that advertising expense is a mixed cost. Based on an analysis of data from previous years, they determine that the best estimate of advertising expense is 15.5% of sales plus $80,000. The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. The Bobcat Beverage Co., Inc. Sales Forecast for Sept. to Nov., 2019 September October November Sales Revenue (all Sales are $800,000 $700,000 $800,000 on Credit) Bobcat Beverage Company, Inc Balance Sheet As of August 31, 2019 $ Assets: Cash Accounts receivable Inventory Prepaid Insurance Current assets $ 25,800 595,000 50,688 27,500 $ 698,988 Liabilities: Accounts payable Sales commissions payable Advertising Expense Payable Income taxes payable Dividends payable Current liabilities 81,859 59,500 121,250 22,000 $ 284,609 Long-term debt 220,000 Property, Plant & Equipment Land Plant & Equipment Accumulated depreciation 100,000 300,000 (100,000) Stockholders' equity Common stock Retained earnings Total SE & Liabilities $ Total assets S 998.988 89,500 404,879 998.988 $