ASAP PLEASE

Specic instructions: Study the required resources of the module and particularly the illustrative exercise [6.1 to carry out this exercise. Read carefully the nancial and operational data of the JKL Corporation provided below and use it to prepare the budget for: Sales receipts for the quarter (10 points] Purchases for the quarter {10 points} Disbursements on purchases for the quarter {10 points) Disbursements of administrative and sales expenses for the quarter [10 points} Financial and operational data of Corporation .l'lCL The JKL Corporation is engaged in the trading business and is designing its master budget for the next quarter of operations 'oni April to June 20 xx _ The datacollected and neeessaryto work with such a budget are the following: A. Certain data from the State s TATE (Balance Sheet} on I'L-Iarch 31, 2|] :1: Cash Accounts receivable Inventory Buildings and equipment (net of depreciation] Debts to pay '5 23,400 Longterm debt '5 90,0G Common shares capital '5 150,000 Retained earnings 3 61,000 Totals 33 324,400 $ 324,400 B. The expected (projected ) and actual sales for several months of II) I: are: March (real) j unio $ ?5,000 j uly $ 50,000 C. Other important data: 1- Monthly sales are 20% in cash and 80% on credit. Credit sales from the previous month are charged in full in the following month (therefore, what is in accounts receivable at the end of March is 80% of March sales). 2- The gross profit margin generated by the corporation on its sales is 30%. 3- The ending inventory for each month is equal to 25% of the budgeted cost of sales for the next month. 4-40% of monthly merchandise purchases are paid in the month of purchase and the remainder in the month following the purchase. 5- The expected monthly expenses are: salaries, $ 8,000; advertising, $ 4,000 per month and remaining expenses (except depreciation) represent 7% of sales. It assumes that these expenses are paid every month (nothing is owed at the end of the month). 6- The depreciation expense is $ 10,000 for the quarter and includes the portion that corresponds to the assets acquired during the period. 7- Cash equipment was acquired: $ 20,000 in April and $ 5,000 in May 20 xx . 8- Management wishes to maintain a minimum cash balance at the end of each month of $ 8,000. 9- When the business is in need of money, it can borrow from a local bank in increments of $ 1,000 at the beginning of each month up to a loan ceiling of $ 20,000. The interest rate that the bank charges on these loans is 1% per month and the interest is paid next month (we assume that it is not compound interest and that each loan is made at the end of the month). The company paid dividends of $ 2,500 in June