GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firms marketing director, has completed the following sales forecast.

Month		Sales		Month		Sales
January		$900,000		July		$1,500,000
February		$1,000,000		August		$1,500,000
March		$900,000		September		$1,600,000
April		$1,150,000		October		$1,600,000
May		$1,250,000		November		$1,500,000
June		$1,400,000		December		$1,700,000

Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information.

	All sales are made on credit.
	GrowMasters excellent record in accounts receivable collection is expected to continue, with 60% of billings collected in the month after sale and the remaining 40% collected two months after the sale.
	Cost of goods sold, GrowMasters largest expense, is estimated to equal 40% of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30% during the month of sale. For example, in April, 30% of April cost of goods sold is purchased and 70% of May cost of goods sold is purchased.
	All purchases are made on account. Historically, 75% of accounts payable have been paid during the month of purchase, and the remaining 25% in the month following purchase.
	Hourly wages and fringe benefits, estimated at 30% of the current months sales, are paid in the month incurred.
	General and administrative expenses are projected to be $1,550,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter.

Salaries and fringe benefits		$	324,000
Advertising			372,000
Property taxes			136,000
Insurance			192,000
Utilities			180,000
Depreciation			346,000
Total		$	1,550,000

Operating income for the first quarter of the coming year is projected to be $320,000. GrowMaster is subject to a 40% tax rate. The company pays 100% of its estimated taxes in the month following the end of each quarter.

GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12% line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $50,000.

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Prepare the cash receipts budget for the second quarter. (Enter ansiwers in necessary fields only. Leave other fields blank. Do not enter o) Cash Receipts Budget April May June Total Cash Receipts February sales March sales April sales May sales 400000 400000 540000 900000 350000 690000 1150000 750000 750000 Totals 940000 10. 121 3200000 Accounts Receivable balance at the end of second quarter of 2015 $ 900000 Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget Total Purchases 1520000 138000 500000 560000 April May June April COGS May COGS June COGS July COGS Totals 460000 138000 350000 500000 150000 392000 488000 s 542000 588000 1618000 Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May June March 107 purchases April purchases May purchases une purchases 122000 406500 135500 441000 73500528500 576500 Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May June Quarter Beginning Cash balance Financing Ending Cash Balancee Prepare the cash receipts budget for the second quarter. (Enter ansiwers in necessary fields only. Leave other fields blank. Do not enter o) Cash Receipts Budget April May June Total Cash Receipts February sales March sales April sales May sales 400000 400000 540000 900000 350000 690000 1150000 750000 750000 Totals 940000 10. 121 3200000 Accounts Receivable balance at the end of second quarter of 2015 $ 900000 Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget Total Purchases 1520000 138000 500000 560000 April May June April COGS May COGS June COGS July COGS Totals 460000 138000 350000 500000 150000 392000 488000 s 542000 588000 1618000 Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May June March 107 purchases April purchases May purchases une purchases 122000 406500 135500 441000 73500528500 576500 Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May June Quarter Beginning Cash balance Financing Ending Cash Balancee