File Home Insert Draw Design Layout References Mailings Review View Help Table Design Layout 15 Share Comments Cut Find Arial v 12 ~ A" A Aa Ap AaBbCcL AaBbC AaBbCcL AaBbCcl AaBbCc] AaBbCCD AaBbC AaBbCcl [A Copy c Replace Paste BIU ab X2 x A LA Emphasis Heading 1 Heading 5 1 Normal Strong Subtitle Title 1 No Spac... Dictate Format Painter Select v Clipboard Font Paragraph Styles Editing Voice Income Statement for the 3 months ending March 31 Balance Sheet as of March 31: Sales Assets Less Cost of Goods Sold Current Assets: Gross Profit Cash Less Operating Expenses: Accounts Receivable ? Inventory ? Prepaid ? Fixed Assets ? Total Assets ? Liabilities: Net Income from Operations Accounts Payable Interest Expense Rent Payable Net Income Dividend Payable Shareholders' Equity Retained Earnings and Share CapitalFile Home Insert Draw Design Layout References Mailings Review View Help l5 Share 5' Comments C t _ ~ ~ A pFind v flit: \" TimesNewRommz VA A A3\" '0 AaBchl AaBbC AaBcht AaBchl AaBch] AaBchDi AaBbC AaBchl i (5 Replace Q) Copy \" c . Pas\" v 2 V v e Em hasis Headln 1 Headin 5 liNormal Stron Subtitle Title llNoS ac.\" 3 Blame v 6 Format Painter B I g ab x2 x A I A p g g g p bsuectv V Clipboard Ii Font Ii Paragraph Ii Styles Ii Editing Voice Acctg 322 Assignment, Winter 2021 Requirement: Complete the various budget schedules below using Excel. Part 1: Each student must upload their completed schedules in Excel the BB linkr Part 2: Separate from Part 1, answer the questions on the budget quizi This quiz is also found on B3 In Excel make sure to use formulas wherever possible. Avoid \"hard coding\" because I will test the exibility of your spread sheet by changing certain cells such as sales, Budget Details: The Distribution Center of 123 Oil and Gas Company wants a master budget for the next three months, beginning January 1st It desires an ending minimum cash balance of $4,000 each month. Sales are forecasted at an average selling price/transfer price of $4 per widget, In January, the Distribution Centre is beginning just-intime deliveries from suppliers, which means that purchases equal expected sales. The December 31 inventory balance will be drawn down to $5,000, which will be the desired ending inventory thereafter. Purchase price per widget is $2. Purchases during any given month are paid in full during the following month. All sales are on credit, payable within thirty days, but experience has shown that 60 percent of current sales are collected in the current month, 30 percent in the next month, and 10 percent in the month thereafter. Bad debts are negligible. The Distribution Centre sells to related sister corporations as well as outside/external sales The following are some of the expenses for the Distribution Centre: Wages and salaries $12,000/month Insurance expired 100/month Depreciation ZOO/month Miscellaneous 2,000/month Rent ZOO/month + 10% of quarterly sales over $10,000 Cash dividends of $1,000 are to be paid quarterly, beginning January 15, and are declared on the fteenth of the previous month All operating expenses are paid as incurred, except insurance, depreciation, and rent. Rent of $200 is paid at the beginning of each month and the additional 10 percent of sales is paid quarterly on the tenth of the month following the quarter The next settlement is due January 10. The company plans to buy some new ofce xtures for $2,000 cash in March To the distribution company this will be considered a capital purchase, Home Insert Draw Design Layout References Mailings Review View Help Share Comn & Cut Find Times New Rome ~ 12 ~ A" A Aa Ap AaBbCcI AaBbC AaBbCc AaBbCcl AaBbCc] AaBbCcD AaBbC AaBbCcl LA Copy Gc Replace Emphasis Subtitle Title Dictate Format Painter BIU ab X2 X A LA Heading 1 Heading 5 1 Normal Strong 1 No Spac... Select Clipboard Font Paragraph Styles Editing Voice Money can be borrowed and repaid in multiples of $500, at an interest rate of 12 percent per annum. Management wants to minimize borrowing and repay rapidly. Interest is computed and paid when the principal is repaid. Assume that borrowing takes place at the beginning, and repayment at the end, of the months in question. Money is never borrowed at the beginning and repaid at the end of the same month. Compute interest to the nearest dollar. ASSETS AS OF LIABILITIES AS OF DECEMBER 31, DECEMBER 31, Cash $4,000 Accounts payable (merchandise) $28,750 Accounts receivable 16,000 Dividends payable 1,000 Inventory* 31,250 Rent payable 6,000 Prepaid insurance 1,200 $35,750 Fixed assets, net 10,000 $62,450 *November 30 inventory balance = $12,500 Recent and forecasted sales: October $30,000 December $20,000 February $60,000 April $36,000 November $20,000 January $50,000 March $30,000 Required Prepare a master budget for the following schedules identified below. Use Excel and incorporate a formula based spread sheet whenever possible. I will be altering the sales figures in your submitted Excel spread sheet to test your formulas.File Home Insert Draw Design Layout References Mailings Review View Help Table Design Layout 15 Share Co & Cut Find Arial v 12 ~ A" A" Aa A EvEVENT AaBbCcL AaBbC AaBbCcL AaBbCcl AaBbCc] AaBbCcD AaBbC AaBbCcl Paste [A Copy c Replace BIU ab x x A LA= =