Developing a Master Budget for a Merchandising Organization Dils Brother Department Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2017. Dils Brother Department Store Balance Sheet March 31, 2017 Assets Liabilities and Stockholders' Equity Cash $ 4,000 Accounts payable $31,000 Accounts receivable 31,000 Dividends payable 15,000 Inventory 36,000 Rent payable 3,000 Prepaid Insurance 3,000 Stockholders' equity 50,000 Fixtures 25,000 Total assets $99,000 Total liabilities and equity $99,000 Actual and forecasted sales for selected months in 2017 are as follows: Month Sales Revenue January $ 70,000 February 60,000 March 50,000 April 60,000 May 70,000 June 80,000 July 100,000 August 90,000 Monthly operating expenses are as follows: Wages and salaries $ 27,000 Depreciation 100 Utilities 1,500 Rent 3,000 Cash dividends of $15,000 are declared during the third month of each quarter and are paid during the first month of the following quarter. Operating expenses, except insurance, rent, and depreciation are paid as incurred. Rent is paid during the following month. The prepaid insurance is for five more months. Cost of goods sold is equal to 50 percent of sales. Ending inventories are sufficient for 120 percent of the next month's cost of sales. Purchases during any given month are paid in full during the following month. All sales are on account, with 50 percent collected during the month of sale, 40 percent during the next month, and 10 percent during the month thereafter. Money can be borrowed and repaid in multiples of $1,000 at an interest rate of 12 percent per year. The company desires a minimum cash balance of $4,000 on the first of each month. At the time the principal is repaid, interest is paid on the portion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month. Money is never repaid at the end of the month it is borrowed. Only use negative signs to show net losses for income.

Dils Brothers Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2017

Only use negative signs to show net losses for income.

Dils Brothers Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2017
	April	May	June	Total
Sales	$Answer	$Answer	$Answer	$Answer
Cost of sales	Answer	Answer	Answer	Answer
Gross profit	Answer	Answer	Answer	Answer
Operating expenses:
Wages and salaries	Answer	Answer	Answer	Answer
Depreciation	Answer	Answer	Answer	Answer
Utilities	Answer	Answer	Answer	Answer
Rent	Answer	Answer	Answer	Answer
Insurance	Answer	Answer	Answer	Answer
Interest	Answer	Answer	Answer	Answer
Total expenses	Answer	Answer	Answer	Answer
Net income	$Answer	$Answer	$Answer	$Answer

(f) Prepare a budgeted balance sheet as of June 30, 2017.

Dils Brothers Department Store Budgeted Balance Sheet June 30, 2017
Assets		Liabilities and Equity
Cash	$Answer	Merchandise payable	$Answer
Accounts receivable	Answer	Dividend payable	Answer
Inventory	Answer	Rent payable	Answer
Prepaid insurance	Answer	Loans payable	Answer
Fixtures	Answer	Interest payable	Answer
Total assets	$Answer	Stockholders' equity	Answer
		Total liab. & equity	$Answer

Need help finding inventory for F. only missing part

April May June Total Sales $Answer 60,000 $Answer 70,000 $Answer 80,000 $Answer 210,000 Cost of sales Answer 30,000 Answer 35,000 Answer 40,000 Answer 105,000 Gross profit Answer 30,000 Answer 35,000 Answer 40,000 Answer 105,000 Operating expenses: Wages and salaries Answer 27,000 Answer 27,000 Answer 27,000 Answer 81,000 Depreciation Answer 100 Answer 100 Answer 100 Answer 300 Utilities Answer 1,500 Answer 1,500 Answer 1,500 Answer 4,500 Rent Answer 3,000 Answer 3,000 Answer 3,000 Answer 9,000 Insurance Answer 600 Answer 600 Answer 600 Answer 1,800 Interest Answer 220 Answer 250 Answer 250 Answer 720 Total expenses Answer 32,420 Answer 32,450 Answer 32,450 Answer 97,320 Net income $Answer (2,420) $Answer 2,550 $Answer 7,550 $Answer 7,680 (f) Prepare a budgeted balance sheet as of June 30, 2017. Dils Brothers Department Store Budgeted Balance Sheet June 30, 2017 Assets Liabilities and Equity Cash $Answer 5,500 Merchandise payable $Answer 52,000 Accounts receivable Answer 47,000 Dividend payable Answer 15,000 Inventory Answer 12,600 Rent payable Answer 3,000 Prepaid insurance Answer 1,200 Loans payable Answer 25,000 Fixtures Answer 24,700 Interest payable Answer 720 Total assets $Answer 0 Stockholders' equity Answer 42,430 Total liab. & equity $Answer 0