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Solomon Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Required a. October sales are estimated to be $310,000, of which 45 percent will be cash and 55 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $13,300. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the following month. Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow: Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed) Rent (fixed) Miscellaneous (fixed) $19,300 4 # of Sales 2 # of Sales $ 2,700 $ 5,300 $ 6,100 $ 2,500 PIEVILOLOSIVOVICS VUUVELTUI HIVI Required information Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed) Rent (fixed) Miscellaneous (fixed) $19,300 48 of Sales 2 of Sales $ 2,700 $ 5,300 $ 6,100 $ 2,500 The capital expenditures budget indicates that Solomon will spend $160,200 on October 1 for store fixtures, which are expected to have a $33,000 salvage value and a two-year (24-month) useful life. Use this information to prepare a selling and administrative expenses budget. f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Solomon borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $25,000 cash cushion, Prepare a cash budget Complete this question by entering your answers in the tabs below. Required c Required A Required B Required D Required E Required F Required G Required information Required A Required B Required c Required D Required E Required F Required G Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. December $ October November Schedule of Cash Payments for S&A Expenses Salary expense $ 19,300 $ 19,300 Sales commissions 5,5803 14,880 Supplies expense 6,200 7,440 Utilities 2,700 2,700 Depreciation on store fixtures 5,300 $ 5,300 X Rent 6,100 6,100 Miscellaneous 2.500 2.500 Total payments for S&A expenses $ 47,680 $ 58,220 19,300 17,856 X 8,928 2,700 5,300 6,100 2.500 62,684 $ Required information Required A Required B Required Required D Required E Required F Required G Solomon borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $25,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less Cash Budget October November December Section 1: Cash Receipts Beginning cash balance $ 25,000 Add: Cash receipts Total cash available 25,000 Section 2: Cash Payments 0 0