Has Company is a retail company that specializes in selling outdoor camping equipment .The company is considering opening a new store on October 1,2015.the company president formed a master committee to prepare a master budget for the first three months of operation.As budget coordinator,you have been assigned the following tasks.

Required

a&b.October sales are estimated be 250,00 of which 40 percent will be ash and 60 percent will be expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale .Prepare a ales budget and a schedule of cash receipts.

October November December

Sales Budget ____________ ______________ _____________

Cash Sales ______________ __________________ _________________

Sales on Account ___________ ______________ ___________________

Total budgeted Sales _____________ _______________ ____________________

schedule on cash Receipts_____________ ________________ _____________________

Current Cash Sales ____________ _________________ _____________________

Pus collections from A/R ______________ __________________ ______________________

Total Collections _______________ __________________ _____________________

c&d.The cost of goods sold is 60 percent of sales.the company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold.However,ending inventory of December is expected to be $12,000.the company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month assume that all purchases are made on account .Prepare an inventory purchases budget and a cash payments budget for inventory purchases(Round your answers to the nearest whole dollar).

October November December

Inventory purchase budget __________________ ____________________ ________________

Purchases ___________________ ____________________ _____________________

Plus or Less desired ending inventory ____________ ____________________ ____________________

Inventory need ____________ ___________________ ______________________

___________________________________________________________________________________________________________

Required purchases on account ________________ ___________________ ______________________

Schedule of Cash Payments Budget for inventory Purchases_____________ ______________ __________________

Payments of current month's accounts payables ____________ __________________ _________________

Payment for prior month's accounts payable ____________ ________________ _________________

Total budgeted payments for inventory __________ _________________ _________________

e&f.Budgeted selling and administrative expenses per month follow

Salary expense (fixed) $18,000

sales commissions 5% of sales

Supplies Expense 2 percent of sales

utilities(fixed) $1,400

Depreciation on store fixtures(fixed) $4,000

Rent(fixed) $4,800

Miscellaneous( fixed ) 1,200

The capital expenditures budget indicates that Haas will spend $164000 on October 1 for store fixtures ,which are expected to have a $20,000 salvage value and a three -year 936) month useful life.

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 selling and administrative expenses budget and a cash payments budget for selling and administrative expenses .(Round your answers to the nearest whole dollar amount)

October November December

Selling and administrative Expense budget _____________ _______________ _________________

Salary Expense ______________ _______________ __________________

Sales Commissions ____________ ________________ ____________________

Supplies expenses _________ ___________ _____________________

Utilities _____________ __________ ________________

Depreciation on store fixtures

Rent

Miscellaneous

Total S&A EXPENSES

Salary expense

Sales commissions

Supplies expense

utilities

Depreciation on store fixtures

Rent

Miscellaneous

total payments for S&A expenses.

g-HaaS 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 1 percent per month in cash on the last day of the month.To be prudent,the company desires to maintain a 12,000 cash cushion .prepare a cash budget(Any repayments/shortage which should be indicated with a minus sign .Round your answers to nearest whole dollar amount)

Cash Budget

October November December

______________________________________________________________________________

Cash available

________________________________________________________________________________________

Lees:Payments

_______________________________________________________________________________________

_________________________________________________________________________________________

_____________________________________________________________________________________________

_______________________________________________________________________________________________

________________________________________________________________________________________________

Total budgeted payments

Payments minus receipts

____________________________________________________________________________________________

Financing activity

_____________________________________________________________________________________________

_______________________________________________________________________________________________

h.Prepare a pro-forma income statement for the quarter (Round your answers to nearest whole dollar amount)

Haas Company

Pro forma income statement

For the Quarter ended December 31,,2015

i.

Prepare a pro forma balance sheet at the end of the quarter9Amounts to be deducted should be indicated by a minus sign

Haas Company

Pro Forma Balance Street

As of December 31,2015

Assets _____________ _______________

_________

_________

____________

_____________

____________

_______________

Total assets ________________

Liabilities

___________

____________

_____________

_____________

Stockholders 'equity

___________________

_______________________

Total liabilities and stockholders equity _____________________

j.Prepare a pro forma statement of cash flows for the quarter(Amounts to be deducted should be indicated by a minus sign.Round your answers to nearest whole dollar amount.)

Haas Company

Pro Forma Statement of Cash Flows

Cash flows from operating activities ______________________ ______________________

_________________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________________

Net Cash flows from operating activities ___________________

Cash flows from investing activities__________________________ _____________________

_______________________________________ ___________________ _____________________

Cash flow from financing activities ___________________ ____________________

__________________________________ __________________ _____________________

__________________________________ __________________ _____________________

__________________________________ ___________________ ______________________

_________________________________ ___________________ ______________________

_______________________________ ___________________ ________________________