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LE The following information is for the Heart's Delight Gift Store: After Class Practice 5-4 (2 HW) Sales: Each unit sells for $5. Sales are 75% cash and 25% credit. 50% of the credit sales are collected in the month of sale and the remainder in the following month. The gross profit % is 30%. Recent and budgeted sales are: September $30,000 October 40,000 November 48,000 December 64,000 January 80,000 Operating expenses for the quarter are given below: October November December Salaries $ 10,000 $ 10,200 $ 12,000 Rent 3,000 3,000 3,000 Depreciation 1,000 1,000 1,150 Other 1,600 1.920 2,400 Total $15.600 $16.120 $18,550 Purchases: Heart's Delight desires an ending inventory of 40% of the next month's cost of goods sold but the ending inventory should never be less than $20,000. 60% of the month's purchases are paid for in the month of purchase and the remainder in the following month. . Heart's Delight is planning purchasing additional store fixtures in November at a cost of $7,000 cash. This is a purchase of equipment, not inventory. 4 Financing: Heart's Delight must maintain a minimum cash balance of $8,000. All borrowing is to be done at the beginning of the month and all repayments are made at the end of the month in $1,000 increments. Loans are repaid when sufficient cash is available. Interest is paid only at the time of repaying principal. The interest rate is 18% per year. Management does not want to borrow any more cash than is necessary and wants to repay as soon as cash is available. Oldest loans are repaid first. Required: Fill in the following schedules. Check figures have been provided. Additional information can be found on the 3rd quarter balance sheet at the end of the problem. Budgeted Cash Receipts( cash collections Oct., $38,750, Qtr., $147,750) Accounts October November December Quarter Receivable Budgeted Selling and Administrative Expense Total S&A qtr, $50,270; Total cash S&S Dec, $17,400 October November December Quarter 5-18 Budgeted Inventory Purchases(budgeted purchases Oct., $24,400; Qtr, $105,200) October November December Total Budgeted Payments for Purchases payments, Oct., $29,640; Qtr., $101,320; Accts. Pay, qtr., $18,880) Accounts October November December Total Payable Cash Budget(Ending balance, Oct., $8,510; total cash disbursements nov., $52,040; ending cash Qtr, $8,190) October November December Quarter Comparative Income Statement (Use information from previous budgets to complete) Sales Sales budget COGS Units sold x cost per unit Selling and Administrative expense budget Gross profit Selling and Administrative Expenses Operating income Interest Expense Income before taxes Income tax expense (25%) Cash budget g Net income $14,790) Comparative Budgeted Balance Sheet as of December 31 (Use information from previous budgets and income statement to complete) 3rd Quarter 4th Quarter Assets Cash budget Cash collections budget Purchases budget Beginning balance + equip purchase-Depr exp $82,440 Cash $12,000 Accounts Receivable 3,750 Inventory 23,600 Furniture and Equipment, net 40,000 Total assets $79,350 Liabilities and Stockholders' Equity Accounts Payable $15,000 Notes Payable 0 Common Stock 40,000 Retained Earnings 24,350 Total liabilities and stockholders' equity $79,350 Cash payments budget Cash budget 40,000 Beg RE + Net income - dividends $82,500