Cipboard Feel M75 x " A A Menge & Center Alignment 5-% Number Conditional Formal Cel Formatting Table Styles- Styles D 40 Cellmor Products is preparing its budget for January, February and Marsh 2021, and has collected 4 and assembled the following information and assumptions for its income statement and cash flow 4 41 budgets 44 45 46 47 Budgeted sales and cost of goods sold 43 Unit Sales 49 Selling Price, per un 50 Cost of Goods Sold, per unit 51 52 58 54 Budgeted monthly operating expenses 55 Salaries Expenses 56 Other Fixed Expenses 57 Depreciation Expense 58 Variable Selling Expense 50 60 January February March April H met Delete Formal 69 Sot nd Fi-Select- NI Mre n the areas provided, prepare tor's budgeted schedules Some of the year total amount cells akealy have calculatiom Please ensure you complete any missing "total" amounts where necessary Marks are based on arriving at correctly calculated amounts Cal referencing is, as always, encouraged Call Poducts Budgeted income Matement Partial) 3,500 3,000 4,200 1,200 530.00 $30.00 $11.00 $12.00 $17.00 $17.00 $17.00 $17.00 Sales Cost of Goods Sold $16,000 per month $10,000 per month $2,049 per month 15% of the month's sales 5 Gross Margin Salanes Expemes Other Fand Expenses Depreciation Expense Vanable Selling Expense Total Operating Expense Operating Income 102021 January Mar Celo Prodects 62 Cash collections of sales revenue: 63 Accounts Receivable balance, December 31, 2019 64 Percentage of Sales collected in month of sale 65 Percentage of Sales collected in month following the sale 66 67 M Cash payments on cost of goods sold: 70 Accounts Payable balance, December 31, 2019 71 Percentage of COGS paid for in month incurred 72 Percentage of COGS paid for in following month 73 74 75 76 Cash payments on operating expenses: 71 78 0 Other cash flow information: 81 Cash dividends paid per month 82 Equipment purchase for cash 83 Equipment purchase for cash 64 $70,000 (all of which is to be collected in January) 45% 55% $45,000 (all of which is to be paid in January) 25% of COGS 75% of COGS Paid for (as applicable) in the month incurred $2,000 per month $12,000 in lanuary 54,098 February provide line item descriptions. Total Cash Collections provide Ine item decretions Grmor Products Schedule of Budgeted Cash Collections 3 Quarter 202 February Cellmor Products Schedule of Cash Payments Cost of Goods Sold January Quarter 2021 Hory Cash payments on operating expenses, Paid for las appocate) in the month incurred Other cash flow information: 31 Cash dividends paid per month, Equipment purchase for cash 83 Equipment purchase for cash $2,000 per month $12,000 in January $4,098 in February 87 Operating Line of Credit: 83 Minimum end of month cash balance desired 9 Annual Interest on borrowed cash $15,000 provide line item descriptions 4% paid when principal is repaid Total Cash Payments COGS Colmar Products Schedule of Cash Payments Cost of Goods Sold anuary 1st Quarter, 2121 February Ma January List operating expenses in space provided, as applicable: Total Cash Payments - Operating 1st Quarter, 2021 February M Marc K January Cash balance, beginning $16,000 Add cash collections Total cash available Less cash payments: Cost of Goods Sold Operating Expenses Total cash payments Excess (deficiency) of cash Financing: Borrowing Repayments Interest Total financing Cash balance, ending 1st Quarter, 2021 February M Marc Interest Total financing Cash balance, ending Calculate the budgeted Accounts Receivable AND Accounts Payable balances as at March 31, 2021: Accounts Receivable Accounts Payable 31-Mar-21