\ferSK 6.1 Completed the nancial and operational data of the .JKL Corporation given below and use them to prepare the budget of: - Collections for sales of the quarter - Purchases for the quarter - Disbursements on purchases for the quarter - Selling and administrative expense disbursements for the quarter Financial and operational data of JKL Corporation JKL Corporation is engaged in trading busmess and is designing its master budget for the next operating quarter from April to June 20xx. The data collected and necessary to work With such a budget are the following: A. Certain data of the Statement of position (Balance Sheet) as of March 31, 20xx: Dr. Cr. Cash $20,000 W W $64,000 I $15,400 Buildings and equipment (net of depreciation) $225,000 WW $23,400 $00,000 Long-ten}; gems $150,000 Common stock, capital Retained was; $01,000 was $324,400$324,400 B. The proiected and actual sales for various months of 20xx are: MaLch$80,000 m $76,000 Max $71,000 Jun $82,000 my $62,000 C. W W data: 17 Monthly sales are 20% in cash and 80% on credit. Credit sales from the previous month Win full in the followmg month (so what is in accounts receivable at the end of March is 80% of March sales) 27 The gross profit margin generated by the corporation on its sales is 45%. 37 Each months ending inventory is equal to 25% of the next month's budgeted cost of sales 4, 40% of monthly purchases of merchandise W in the month of purchase and the rest in the month following the purchase. 57 The expected monthly expenses are" salaries, $13,200, advertising, $7,500per month and remaining expenses (except depreciation) represent 8% of sales Assume that these expenses Wevery month (nothing is due at the end ofthe month) .67 Depreciation expense is $10,000 for the quarter and includes the portion that corresponds to assets acquired during the period. 7 Equipment W in cash $26,000 in April and $20,000 in May 20xx. 8 Management wishes to maintain a minimum cash balance at the end of each month msepoo. 07 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 l~ mthe next month (we assume that it is not compound interest and that each loan is made at the end of the month) The 9011000000310 was of $6,000 in June. \fPurchases 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 6.2 Completed After studying the required resources of the module and completing Task I!5_l= use the data and information from M Corporation= and the results you obtained in task I!5_l= and prepare the cash budget for the quarter ending in June. Use the W Eagle as a model: 3\" W W gallon _ Gastos administratit'os 3' de t'entas 526:?80 526:380 52?:250 5305120 .5355: 222222 I____ 2I22=22 222422 _222=222