GIVEN:

REQUIREMENTS: PLEASE HELP TO ANSWER THESE

Data table Budgeted bala Selected budgeted information for December 2020 follows: Customer invoices are payable within 30 days. From past experience, Slaggs's accountant projects 30% of invoices will be collected in the month invoiced, and 70% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 45% of direct materials purchases paid during the month of the purchase, and 55% paid in the month following purchase. Fixed manufacturing overhead costs include $13,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $9,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly. All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Slaggs's board of directors voted to pay a $180,000 dividend to stockholders on January 31, 2021. Requirements 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. 2. Slaggs is interested in maintaining a minimum cash balance of $80,000 at the end of each month. Will Slaggs be in a position to pay the $180,000 dividend on January 31 ? 3. Why do Slaggs's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? 4. Prepare a budgeted balance sheet for January 31,2021 by calculating the January 31, 2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity. Data table Slaggs' CEO expects to sell 1,800 snowboards during January 2021 at an estimated retail price of $550 per board. Further, the CEO expects 2021 beginning inventory of 500 snowboards and would like to end January 2021 with 700 snowboards in stock. Other data include: The inventoriable unit cost for ending finished-goods inventory on December 31,2020 , is $240.00. Assume Slaggs uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in vour calculations Requirement 2. Slaggs is interested in maintaining a minimum cash balance of $80,000 at the end of each month. Will Slaggs be in a position to pay the $180,000 dividend on January 31 ? (9). be in a position to pay the $180,000 dividend on January 31 . Requirement 3. Why do Slaggs's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Slaggs's managers prepare a cash budget in addition to the operating income budget to (10) If Slaggs is profitable on an accrual accounting basis, (11) Slaggs's managers may then need to (12) Building a profitable operating plan (13) that adequate cash will be available. Using the browser's print option may create an undesirable printout. Use the Print option in your question instead to get a befter print-out. Revenue Budget For January 2021 Direct Materials Purchases Budget For January 2021 Slaggs, Inc., manufactures and sells snowboards. Slaggs manufactures a single model, the Pipex. In late 2020, Slaggs's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the additional variable and fixed manufacturing cost information.) (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending inventory.) Read the equity. Slaggs, Inc. Budgeted Balance Sheet January 31, 2021 \begin{tabular}{l} \hline Assets: \\ \begin{tabular}{|c|l|} \hline(14) & \\ \hline(15) & \\ \hline(16) & \\ \hline(17) & \\ \hline Total & \\ \hline \end{tabular} \end{tabular} Liabilities and Stockholders' Equity: \begin{tabular}{|c|l|} \hline (18) & \\ \hline(19) & \\ \hline(20) & \\ \hline Total & \\ \hline \end{tabular} operating (nonmanufacturing) overhead. Begin by preparing the supporting schedule for the calculation of collection of receivables. Next prepare the supporting schedule for the payments of accounts payable. Prepare the supporting schedule for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. More info Variable manufacturing overhead is $10 per direct manufacturing labor-hour. There are also $24,000 in fixed manufacturing overhead costs budgeted for January 2021. Slaggs combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $260 per sales visit. The marketing plan calls for 35 sales visits during January 2021 . Finally, there are $32,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021