Could you please help me get started with this big problem. I don't even know where to start with this one. We learned how to find stuff like budgeted sales revenue, budgeted production, etc. in class. However, I don't know how to do the following because it is not set up like it was in class.

'f' 7\" 6 ' I q Search the web... 'D Budget Project x' l pkiatrqm: StaleUnivelsn _x 'G Sohred:Hilyand Company 3: (- C '6) ezto.mheducationcomr'hmtpx? 0.83034\"l52469849l71532375453790 Hillyard Company, an oice supplies: specialty store, prepares its master budget on a quarterly basis The tollowing data have been asembled to assist in preparing the master budget for the rstquarter a. As of December 31 (the end of the prior quarter). the company's general ledger showed the following account balances C35 h Ki 45,000 Accounts receivable 2040300 inventory 58,650 Buildings and equipment (net) 356nm Accounts payable as 36.925 Common stock 500.000 Retained earnings 78 525 W b. Actual sales for Deoember and budgeted sales torthe next four months are as follows Deoemher(acti.ial) $ 255000 January 5 391mm February xi ssa'uou Match 35 301000 Aonl 5 19am , c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month tolloiwing sale The account: receivable at December 31 are a result ofDecember credit sales. d. The Company's gross margin is 40% ofsalec. (In other words. mstorgoods sold is 60% olsalec.) e. Monthly Hpenses are budgeted as tollows' salariei and wages $21000 per month: advertising, $61000 per month; shipping, 5% otsal; other expenses, 3% of sales. Depreciation, including depreciation on new assets aoquired during the quarter, will be $41060 for the uarter. r, Eadr mumri's egding inventory should equal 25% oruia following months cost nfgoods sold. g One-hatfofa month' memory purdiases is paid for in the month ofpurchase; the other halite paid in the following month. h. During February. the company will purchase a new copy machine for $1,600 cash. During March. other eouiprnentvinll be purchased tor cash at a cost of 573.000. i. During January, the company will declare and pay $45,000 in cash dividends i. Management wants to maintain a minimum cash balance of $30,000 The company has an agreemeth a local bank that allows the company to borrow in increments of 51,000 at the beginning ofeacn month. The irrterat rate on these loans is 1% per month and tor simplicity wewill assume that interest is not compounded The company would. as far as it is able. repay the loan plus accumulated interest atthe end of the quarter. Required: Using the data above. complete the tollrrwing statements and schedules for the rst quarter. 1. Schedule of expected cash collections: 2a Merchandise purchases budget. 2h Smedule oi expected rash disbursements for merchandise purdrases' 3. Cash budget 4 Prepare an absorption costing income slatementfor the quarter ending March 31 5 Prepare a balance sheet as 01 March 31 ".- 1\" 6 ' I q Search the web... 'D Burger Projecl x' .1 5mm Siege (- C i G) ezto.mheducalionicomr'hmxpx? ix ,x'a Sphredlilyand'ci'npam 3': 08303\" i 5246934911532375453790 L Saies are 20% En cash and 80% on credit All payment. on credit sales are cniieded in Ihe manlh lollowing saie The accounts receivable aI December 31 are a resull IrfDecember credil sales d. The company's gross margin is 40% of sales (In clhei' words. ocsl oigomi; sold is 60% cl sales) e. glmnhi exp'e'nsee are budgeted as lollows. salaries and waga. $21000 per month: advertising, 561.000 per munlh, shipping, 5% cfsaies; olher expenses, 3% of sales. Depreciation, including deprecialion on new assets acquired during The quarter, wiii be . or e uarler. l. Each monih's er'rlding venlory should eduai 25% oi ihe iollowing month's cosl dfgoods sold. 9. Onehalfofa monlh's Inventory purchases is paid for in The month ofpurchase; lhe olher halfis paid in Ihe following monlh. h. During February lhe company wiii purchase a new copy machine for $1,600 cash During Mardr. other equipmentwill he purchased lor (ash al a com 11' 873,000 i. During January, lhe company will declare and pay $45,000 in cash dividends J. Management wants Lo maintain a minimum cash balance of 530.000 The company has an agreemeni wilh a iccai bank Ihal alldws the company to borrow in increments cf $1,000 at lhe beginning irfeach month. The imerw rate on these loans is 1% per monlh and lor simplicity wewill assume ihal imeresi is not compounded The company would, as far as it is able' repay lhe lcan pius accumulaled interest atlhe end of rhe quaner. Required: Using Ihe data abnve, complete lhe loiluwing slalernenls and scheduie: for rhe rst quarter 1. Schedule of expected cash Dolledions. Za Merchandise purchases budget 2-!) Schedule of expeded cash disbursements for merchandise purchases. 3 Cash budgel 4 Prepare an absorption cdsling income slatement for the quarter ending March 31 5. Prepare a balance sheet as ol March 31. Compleme uliS qualiun by entering your answers in Hue labs bdrm. Required 3 Required 5 | Required 25 ' Required 1 ' Rmuirad 2A ' Required4 Complete the Schedule of expected cash colleco'ons: Cash sales Credil sales Tolal culleuinns 5 231mm Requ edzA ) ".- 1\" 6 ' I q Search the web... 'D Budget Project x' .1 5mm State' (- C i G) ezto.mheducationicomr'hmxpx? it ,x'a 80.1le "mm-campaign 3': 08303\" i 5246934911532375453790 L Saies are 20% En cash and 80% on credit All payment. on credit sales are cniieded in the month lollowing saie The accounts receivable at December 31 are a result IrfDecember credit sales d. The company's gross margin is 40% of sales (In other words. ocst oigomi; sold is 60% cl sales) e. glmnhi exp'e'nsee are budgeted as lollows. salaries and waga. $21000 per month: advertising, $61000 per month, shipping, 5% cfsaies; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during The quarter, wiii be . or e uarler. l. Each month's er'rlding ventory should eduai 25% oi the iollowing month's cost dfgoods sold. 9. Onehalfofa month's Inventory purchases is paid for in The month ofpurchase; the other halfis paid in the following month. h. During February the company wiii purchase a new copy machine for $1,600 cash During Mardr. other equipmentwill he purchased lor (ash at a com 11' 873,000 i. During January, the company will declare and pay $45,000 in cash dividends J. Management wants to maintain a minimum cash balance of 530.000 The company has an agreement with a iccai bank that alldws the company to borrow in increments cf $1,000 at the beginning irfeach month. The imerw rate on these loans is 1% per month and tar simplicity wewill assume that imerest is not compounded The company would, as far as it is able' repay the lcan pius accumulated interest atthe end of the quarter. Required: Using the data abnve, complete the loiluwing statements and scheduie: for the rst quarter 1. Schedule of expected cash collections. Za Merchandise purchases budget' 2-0 Schedule of expected cash disbursements for merchandise purchases. 3 Cash budget 4 Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as at March 31. Compleme this qualiun by entering your answers in the labs bdrm. Required 3 Required 5 ' Required 4 . l ' Required 1 1 Required 2A t: Required 25 . ! Complete the merchandise purchase: budget: --- Budgeted cast at goods sold 234.600\" desrred ending inventory Total needs Less beginning inventory Required purchases l$391,000 sales K 60% cost ratio = $234,600. 13852300 x 25% ascend \".- 1\" 6 ' I q Search the web... 'D Budgmvrojea \"'1 WWW -'BWIWEMnE-TB' 2' Mum ( C '(D e210.mheducation'comr'hm.tpx?i:0'83034l152469849171532375453790 Q ' E 3 Caghbudgel - 4 Prepare an ahsorption cosng income slatemant fur the quarter ending March 31 5. Prepare a balance sheet as 0! March 31. Cnmplehe lis qualiun by entering ynur answers in leiabs liehw. Requrmd 5 ' Required 1 Required 3 .H Required 4 Reqmred 2A \" Raquimd 2a :Prepare a balance sheet as dfMarch 31. Current asset] Tulal current assets Liabililies and Stockholders' Enuiiy Cunent liemmres Slocknolders' equiw. Tulal liabrlrties and sluclvrumars' equily