Helllo $,$Im looking for the answer to this question you ca ACCT$-2260$ Budgeting $-$ Financial Modeling Assignment

For this assignment, You also have the option of doing the assignment in pairs. Only one person in your group will submit a finalized master budget, so decide who that will be$.$

The project will require you to use Microsoft Excel to complete and automate a budget. I am looking for your budgeting skills as well as your excel skills in this assignment. I want a professionally presented document.

In a properly built spreadsheet, if the input numbers are changed, then all the supporting schedules should automatically update.

Required:

Read the case "Cravat Sales Company".

Prepare the following budgets and schedules for the second quarter $($April $-$ June$)$ using MS Excel.

A Sales budget for April, May, and June.

A cash collection budget $($from sales$)$ for April, May, and June.

A purchase budget $($inventory$)$ in units and in dollars for April, May, and June.

A cash payment budget $($for inventory$)$ for April, May, and June.

A selling and admin. $($operating$)$ expenses budget for April, May, and June.

A cash payment budget for selling and admin. $($operating$)$ expenses for April, May, and June.

A Cash budget for April, May, and June.

There should be no manual input into the Output Section. All cells are to contain formula.

Read the helpful hints given below

Hand in:

Your excel file and be sure to keep a backup copy of your file. Please use the following naming convention: First Name$-$Last Name$-$Budgeting assignment $($e$.$g$.$ Humayun$-$Qadri$-$ Budgeting assignment$)$

Note:

Please remember that each group is to work independently. You are not allowed to share files between groups. If you share your excel file, I will give the group who gave the file and the receiving group a grade of zero and report you to the MacEwan Academic Integrity Officer. It is important for each group to earn the grade that they receive. If you have any que

$8$:$44$

Budgeting$-$assignment Instruct...

Done

CRAVET SALES COMPANY

You have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designer's silk ties. The company has an exclusive franchise on the distribution of the ties, and sales have grown so rapidly over the last few years that it has become necessary to add new members to the management team. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April $1.$ You are anxious to make a favourable impression on the president and have assembled the information below.

The company desires a minimum ending cash balance each month of $$10,000.$ The ties are sold to retailers for $$8$ each. Recent and forecasted sales in units are as follows:

$\backslash$table$[[$January $($actual$)..............,20,000,$June. $.,60,000],[$February $($actual$)..,24,000,$July $..,40,000],[$March $($actual$)...............,28,000,$August $.....,36,000],[................,35,000,$September $..................,32,000],[$May $........................,45,000,,]]$

The large buildup in sales before and during June is due to Father's Day. Ending inventories are supposed to equal $90\%$ of the next month's sales in units. The ties cost the company $$5$ each. Purchases are paid for as follows: $50\%$ in the month of purchase and the remaining $50\%$ in the following month. All sales are on credit, with no discount, and payable within $15$ days. The company has found, however, that only $25\%$ of a month's sales is collected by month$-$end. An additional $50\%$ is collected in the following month, and the remaining $25\%$ is collected in the second month following sale. Bad debts have been negligible.

The company's monthly selling and administrative expenses are given below:

$\backslash$table$[[$Variable:$],[,$$$1$ per tie$],[$Fixed:$],[$Wages and salaries. $........$

Budgeting Assignment Template$-$W$-2024\_$b$376$d$36$ec$5$a$472$d$3$c$4$f$9...$

Done

$\backslash$table$[[\{$

$\backslash$table$[[$INPUT SECTION,$],[$Recent and Forecasted Sales $($Units$),]]\},$Cash Collection $($Sales$),$OUTPUT SECTION$],[,,,],[$February $($Actual$),24,000,$Month of Sale,$25\%,$Sales Budget$],[$March $($Actual$),28,000,$Following Month,$50\%,,$April,May,June$],[$April$,35,000,$Second Month Following Sale,$25\%,$Budgeted Sales $($Units$)],[$May$,45,000,$Purchases related,Selling Price per unit$],[$June$,60,000,$Cash Payments $($Purchases$),$Budgeted Sales $($Dollars$)],[$July$,40,000,$Month of Purchases,$50\%................,$$$22,000.$