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For this question just please explain and solve the last part! And for the following please explaning and show work for all the steps Thank
For this question just please explain and solve the last part!
And for the following please explaning and show work for all the steps Thank you in advance!
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Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (i) (Click the icon to view the information.) Requirements 2. Prepare a combined cash budget. If no financing activity takes place, what is the budgeted cash balance on February 28 ? Requirement 1a. Prepare a schedule of budgeted cash collections for January and February. Show totals for each month and totals for January and February combined. Brett's Restaurant Supply Cash Collections Budget For the Months Ended January 31 and February 28 b. Prepare a schedule of budgeted cash payments for purchases for January and February. Show totals for each month and totals for January and February combined. More info a. Sales are 60% cash and 40% credit. Credit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were $57,000. Schedules of budgeted sales for the two months of the ubcomina vear are as follows: b. Actual purchases of direct materials in December were $23,000. The company's purchases of direct c. Prepare a schedule of budgeted cash payments for operating expenses for January and February. Show totals for each month and totals for January and February combir materials in January are budgeted to be $21,000 and $27,000 in February. All purchases are paid 40% in the month of purchase and 60% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $7,500 in December. Budgeted salaries in January are $8,500 and February budgeted salaries are $10,000. Sales commissions each month are 8% of that month's sales. d. Rent expense is $3,400 per month. e. Depreciation is $2,500 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $14,000. g. The cash balance at the end of the prior year was $23,000. Brett Restaurant Supply Cash Payments for Operating Expenses Budget For the Months Ended January 31 and February 28 More info a. Sales are 60% cash and 40% credit. Credit sales are collected 10% in the month of sale and the remainder in the month after sale. Actual sales in December were $57,000. Schedules of budgeted sales for the two months of the upcoming year are as follows: b. Actual purchases of direct materials in December were $23,000. The company's purchases of direct materials in January are budgeted to be $21,000 and $27,000 in February. All purchases are paid 40% in the month of purchase and 60% the following month. c. Salaries and sales commissions are also paid half in the month earned and half the next month. Actual salaries were $7,500 in December. Budgeted salaries in January are $8,500 and February budgeted salaries are $10,000. Sales commissions each month are 8% of that month's sales. Requirement 2. Prepare a combined cash budget for January and February. If no financing activity takes place, what is the budgeted cash balance on February 28 ? d. Rent expense is $3,400 per month. e. Depreciation is $2,500 per month. Brett's Restaurant Supply f. Estimated income tax payments are made at the end of January. The estimated tax payment is Combined Cash Budget projected to be $14,000. g. The cash balance at the end of the prior year was $23,000. For the Months Ended January 31 and February 28 Decker Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Decker Manufacturing's operations (Click the icon to view the data.) (1) (Click the icon to view additional data.) More info Read the requirements. Requirements 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. 2. Prepare a production budget. (Hint: Unit sales = Sales in dollars / Selling price per unit.) 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January.) 5. Prepare a cash payments budget for direct labor. 6. Prepare a cash payments budget for manufacturing overhead costs. 7. Prepare a cash payments budget for operating expenses. 8. Prepare a combined cash budget. 9. Calculate the budgeted manufacturing cost per unit (assume that fixed manufacturing overhead is budgeted to be $0.80 per unit for the year). 10. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing one unit x Number of units sold.) f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and $1.20 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. g. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Decker Manufacturing be $16,000 h.Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses are paid in the month in which they are incurred. No depreciation is included in these figures. i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $4,800 for the entire quarter, which includes depreciation on new acquisitions. j. Decker Manufacturing has a policy that the ending cash balance in each month must be at least $4,000. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $120,000. The interest rate on these loans is 1% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter. company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,000 cash at the end of February in estimated taxesStep by Step Solution
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