\fB. The projected and actual sales for yarious months of 20xx are: W$BQUUU 000 $r0,000 May $r1,000 Jun $02,000 50,in $02,000 '13- Qitlt Wilma 1 Monthly sales are 20% in cash and 00% on credit. Credit sales from the preyious month Win full in the following month (so what is in accounts receivable at the end of March is 80% of March sales}. 2 The gross profit margin generated by the corporation on its sales is 45%. 3 Each month's ending inventory is equal to 25% of the next month's budgeted cost of sales. 4 40% of monthly purchases of merchandise mm in the month of purchase and the rest in the month following the purchase. 5 The expected monthly expenses age; salaries, $13,200; adyertising, $T,500per month and remaining expenses [except depreciation} represent 8% of sales. Assume that these expenses Weavery month {nothing is due at the end of the month} .0 Depreciation expense is $10,000 for the quarter and includes the portion that corresponds to assets acquired during the period. ? Eouipment Win cash: $20,000 in April and $20,000 in May 20xx. 0 Management wishes to maintain a minimum cash balance at the end of each month of $0,000. 0 When the company is in need of money, it can borrow from a local bank in increments of $1 ,000 at the beginning of each month up to a loan limit of $20,000. The interest rate that the bank charges on these loans is 1% per month and the interest 1% paid the next month {we assume that it is not compound interest and that each loan is made at the end of the month}. The ggmpagypajddiyidends of $0,000 in .June. ANSWER 6.1 JKL CORPORATION Collection Budget 2nd Quarter 20xx April May June Quarter Sales from March 64,000 64,000 April 15,200 60,800 76,000 May 14,200 56,800 71,000 June 16,400 16,400 Total 79,200 75,000 73,200 227,400 Collections: 20% cash - collected on month of sale 80% credit - collected following month after sale\fIII. Purchases Payment Budget 2nd Quarter 20xx April May June Quarter Purchases from March 23,400 23,400 April 14,465 21,698 36,163 May 16,225 24,337 40,562 June 16,940 16,940 Total 37,865 37,923 41,277 117,065 Payment Schedule 40%% month of purchase 60%% next month after purchase IV. Selling and Administrative Expense Payment Budget 2nd Quarter 20xx April May June Quarter Salaries 13,200 13,200 13,200 39,600 Advertising 7,500 7,500 7,500 22,500 Other expenses 6,080 5,680 6,560 18,320 Total 26,780 26,380 27,260 80,420 Note: Depreciation is not included since it is a non-cash expense Other expense = Month's sales x 8%TASK 6.1 IS REQUIRED TO COMPLETE THIS ASSIGNMENT After studying the required resources of the module and completing Task 6.1: use the data and information om .TKL Corporation, and the results you obtained in task till= and prepare the cash budget for the quarter ending in June. Use the W table as a model: \"* We slam ballast M Ma}; Jun Total 3mm Cash E alanee cash W cash swim Loss W: Shopping W ames W W of W Total W Ema {W3 ofcash EW- aming mastitis gamma balance