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Seved [The following information applies to the questions displayed below) Walton 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 Problem 14-23 Part 1 Required a. October sales are estimated to be $390,000, of which 40 percent will be cash and 60 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 $13,700. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month. Prepare a cash payments budget for Inventory purchases. e. Budgeted selling and administrative expenses per month follow e. Budgeted selling and administrative expenses per month follow. Salary expense (fixed) Sales comissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed) Rent (fixed) Miscellaneous (fixed) $19,700 4% of Sales 2 % of Sales $ 3,100 $5.700 $6,500 $ 2.900 *The capital expenditures budget indicates that Walton will spend $173,800 on October 1 for store fixtures, which are expected to have a $37.000 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. Walton 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 $29,000 cash cushion. Prepare a cash budget Prey 1 of 1 Next Required A Required B Required Required D Required E Required F Required G 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 $13,700. Assume that all purchases are made on account. Prepare an inventory purchases budget. October November December $ 273,000 Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) 273,000 $ 273,000 $ $ 13.700 Prey 1 of 1 !! Next Required information Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar amounts.) November December October Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts payable Payment for prior month's accounts payable Total budgeted payments for inventory Required information Required A Required B Required C Required D Required E Required F Required G Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary expense s 19,700 $ 19,700 $ 19,700 Sales commissions 15,600 Supplies expense 7.800 Utilities 3.100 3 ,100 3,100 Depreciation on store foctures 5,700 5,700 Rent 6 ,50076,500 6,500 Miscellaneous 2,900 2,900 2,900 Total S&A expenses $ 61,300 $ 37,900 S 37,900 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 they are incurred. Prepare a cash payments budget for selling and administrative expenses. November December $ $ 19,700 19,700 15,600 | October Schedule of Cash Payments for S&A Expenses Salary expense s 19,700 Sales commissions Supplies expense 7.800 Utilities Depreciation on store fixtures Rent 6,500 Miscellaneous 2.900 Total payments for S&A expenses $ 36,900 3,100 3,100 6,500 2,900 47,800 6,500 2,900 32.200 $ $ Required information Walton 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 $29,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less Cash Budget October November December so 156.000 156,000 0 0 Section 1: Cash Receipts Beginning cash balance Add: Cash receipts Total cash available Section 2: Cash Payments For inventory purchases For selling and administrative expenses Purchase of store foctures Interest expense 36,900 173.800 of 0 0 210,700 0 0 Total budgeted disbursements Section 3: Financing Activities Surplus (shortage) Borrowing repayment) Ending cash balance (54,700) 00 S (54.700) S 0 S