Complete this question by entering your answers in the tabs below. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30 . Prepare a balance sheet as of September 30 . Newman Medical Clinic has budgeted the following cash flows. Newman Medical had a cash balance of $9,000 on January 1. The company desires to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments may be made in any amount available. Newman pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. (Any repayments/shortage should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $390,000,$410,000,$400,000, and $420,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase, All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $54,000. Each month $7,000 of this total amount is depreciation expense and the femaining $47,000 relates to expenses that are pald in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30 . The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Required: 1. Prepare a schedule of expected cash collections for July. August, and September: 2.a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30 . 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and Septembec 3 . Prepare an income statement that computes net operating income for the quarter ended September 30 . 4 Prepare a balance sheet as of September 30 \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Garden Depot } \\ \hline & \multicolumn{5}{|l|}{ Cash Budget } \\ \hline & 1st Quarter & 2nd Ouarter & 3rd Quarter & 4th Quarter & Year \\ \hline \multicolumn{6}{|l|}{ Beginning cash balance } \\ \hline \multicolumn{6}{|l|}{BegininingcashbalanceTotalcashreceipts} \\ \hline Total cosh avaliable & 0 & 0 & 0 & & \\ \hline \multicolumn{6}{|l|}{TotalcashavaliableTotalcashdisburtements} \\ \hline Excess (deficiency) of cash available over disbursements & 0 & 0 & 0 & of & \\ \hline \multicolumn{6}{|l|}{Excess(deficiency)ofcashavailableoverdisbursementsFinancing:} \\ \hline \multicolumn{6}{|l|}{Financing:Borrowings:} \\ \hline \multicolumn{6}{|l|}{BorrowingsRepayments} \\ \hline \multicolumn{6}{|l|}{RepsymentsInterest} \\ \hline Total financing & 0 & 0 & 0 & 0 & \\ \hline Ending canth balance & s & 0 & 0 & 5 & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections for July, August, and September. Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September: Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: The company's beginning cash balance for the upcoming fiscal year will be $30,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Required: Prepare the company's cash budget for the upcoming fiscal year. Note: Repayments and interest should be indicated by a minus sign. Prepare a budgeted balance sheet as of May 31 . Required: 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted Income statement for May. 5. Prepare a budgeted balance sheet as of May 31 . Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections from customers for May. 2. Calculate the expected cash disbursements for merchandise purchoses for May. Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below The company is in the process of preparing a budget for May and has astembled the following data: B. Sales are budgeted at $238, 000 for May Of these sales, $71,400 will be for cash the remainder will be credit sales One-half of month's credit sales are collected in the month the soles are made, and the remainder is collected in the following month Alf of the Aprill 30 accounis receivable will be collected in May b. Purchases of inventory are expected to total $124.000 during May, These purchases wil all be on eccount Forfy percent of all purchases are paid for in the month of puichase, the remainder are paid in the following month. All of the Apilla accounts payab to suppliers wil be paid durina May c. The May 31 imventory balance is budgeted ot $24,000 d. Selling and odministrative expenses for May ore budgeted at $86,100, exclunive of depreciation. Thete expenses wil be pald in cash. Depreciation is budgeted at $4,450 for the month e. The note payable on the Aptil 30 balance sheet will be pald dung May, with $400 in interest (All of the interest relates to May? i. New refrioerating equipment costing $15,100 will be purchased for cosh during May 9. During May, the compary will bortow $23.800 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year Complete this question by entering your answers in the tabs below. Prepare an income statement that computes net operating income for the quarter ended September 30. Complete this question by entering your answers in the tabs below. Prepare a budgeted income statement for May. Prepare a cash budget for May. Note: Cash defetency, repayments and interest should beindicated by a minus sign A cash budget, by quarters, is given below for a retail company ( 000 omitted). The company requires a minimum cash balance of at least $10000 to start each quarter. Fill in the missing amounts. Note: Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign. Required information [The following information applies to the questions displayed below] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below