Data TL Nickel Saver Store is a local discount store with the following information: (Click the icon to view the information) Read the requirements . $ November 230.400 $ 30,928 December 299,520 44,800 Cost of goods sold Plus: Desired ending inventory Total inventory required Less: Beginning inventory $ 291,328 $ 50 560 344,320 60,928 . $ October Sales and and then 40% of cards, TI transacti the store payment The Forte inver purch thep Expecte following Wag of a Utiliti Nove Utilit 283,392 240,768 $ Purchases Requirement 3. Prepare the operating expense budget for November ar * Requirements Deo Nickel Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expense Utilities expense Property tax expense Property and liability insuranse expense Depreciation expense Credit Debit card fees expensie Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, Inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget Allu Prop June Prop Janu Depi Tran Cachof Total operating expenses Print Done Enter any number in the edit fields and then click Check Answer, 5 Parts remaining Clear All MacBook Air i Data Table . October sales are projected to be $320,000 Sales are projected to increase by 20% in November and another 30% in December and then return to the October level in January 40% of sales are made in cash while the remaining 60% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $16,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $44,800. Expected monthly operating expenses and details about payments include the following: Wages of store workers should be $7,300 per month and are paid on the last day of each month. Utilities expense is expected to be $1.200 per month in September October, and November Utilities expense is expected to be $1,800 per month during the colder months of December, January, and February All utility bills are paid the month after incurred. Property tax is $19,200 per year and is paid semiannually each December and Property and liability insurance is $20.400 per year and is paid semiannually each January and July. Depreciation expense is $168,000 per year, the straight-line method used. Transaction fees, as stated earlier, are 5% of credit and debit card sales. Chrh dn girl engine I & En Ann anh ta ba ni in hnh et . June . Print Done Check Answer Data Table carus. TT TOUT Uaru companies and wanino Tour Car Tuorsyurargo a 70 transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $16,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The Septebber 30 inventory is expected to be $44,800. Expected monthly operating expenses and details about payments include the following: Wages of store workers should be $7,300 per month and are paid on the last day of each month. Utilities expense is expected to be $1,200 per month in September, October, and November Utilities expense is expected to be $1,800 per month during the colder months of December, January, and February All utility bills are paid the month after incurred. Property tax is $19,200 per year and is paid semiannually each December and June. Property and liability insurance is $20,400 per year and is paid semiannually each January and July. Depreciation expense is $168,000 per year, the straight-line method used. Transaction fees, as stated earlier, are 5% of credit and debit card sales. Cash dividends of $250,000 are to be paid in December. Assume the cash balance on October 31 is $65,000. The company wants to maintain a cash balance of at least $65,000 at the end of every month. The company has arranged a line of credit with a local bank at a 5% interest rate. There is no outstanding debt as of October 31. . . get . . . . Nickel Saver Store is a local discount store with the following information Click the icon to view the formation) Data Table Read the requirements November December Cost of goods sold $ 230,400 $ 299,520 50,928 44.800 Plus Desired ending inventory Total service required $ 2913285 344320 50,560 80.928 Loss Beginning inventory 3 M0.765 5 283.392 Purchases Requirement 3. Prepare the operating expense budget for November and December Nickel Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expo Uits expense Property tax expense Property and ability insurans expense Deprecation cente CrediDebit card fees expense To porting expenses October sales are projected to be $320,000 Sales are projected to increase by 20% in November and another 30% in December and then return to the October level in January 40% of sales are made in cash while the remaining 60% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daly. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. The store's gross profit is 40% of its sales revenue For the next several months, the store wants to maintain an ending merchandise Inventory equal to $16,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be 344,800. Expected monthly operating expenses and details about payments include the following Wagen of store workers should be $7,300 per month and are paid on the last day of each month - Utis expense is expected to be $1,200 per month in September October, and November Utilities expense is expected to be $1,800 per month during the colder months of December, January, and February Alltility bills are paid the month after incurred Property taxis $19,200 per year and is paid semiannually each December and June Property and ability insurance is $20.400 per year and is paid semiannually each wary and July Depreciation expense is $168,000 per year, the straight-line method used Transaction fees, as stated earlier, are 5% of credit and debit card sales Enter any number in the edit fields and then click Check Answer 5 parts Temaining Print Done