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Knockoffs Unlimited, a nationwide distributor of low-cost Imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date, the company's budgeting practices have been inferior, and at times the company has experienced a cash shortage. 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 eager to make a favourable impression on the president and have assembled the Information below. The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: January (actual) February (actual) March (actual) April May 28,5ee 43,eee 56,00 82,eee 116.ee June July August September 67.000 47,eee 45.000 42,000 The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company $4 each. Purchases are pald 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 20% of a month's sales are collected by month-end. An additional 70% is collected in the following month and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. The company's monthly selling and administrative expenses are given below: 4% of sales Variable: Sales commissions Fixed: Advertising Renit Wages and salaries Utilities Insurance Depreciation $251, eee 26,588 126,480 13,880 6,480 31,808 All selling and administrative expenses are paid during the month, In cash, with the exception of depreciation and Insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $22,800 in new equipment during May and $57,000 in new equipment during June: both purchases will be paid in cash. The company declares dividends of $18.400 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below. Assets Cash Accounts receivable ($43,eee February sales; $448,888 March sales) Inventory Prepaid insurance Fixed assets, net of depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Dividends payable Common shares Retained earnings Total liabilities and shareholders' equity $ 91,eee 491,888 131,200 44,00 1,035, eee $1,793,eee $ 132,800 18,488 970,000 671,888 $1,793,280 The company wants a minimum ending cash balance each month of $50.000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The Interest rate on these loans Is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Required: A cash budget. Show the budget by month and in total. (Round your intermediate calculations and final answers to the nearest whole dollar. Also, round down your interest calculations to the next whole dollar amount. Cash deficiency. repayments and Interest should be indicated by a minus sign. Do not leave any empty spaces: Input a 0 wherever it is required.) Answer is not complete. KNOCKOFFS UNLIMITED Cash Budget For the Three Months Ending June 30 April May June Quarter Cash balance, beginning 5 91,000 $ 50.550 $ 50.990 $ 91,000 Add receipts from customers 599,000 862.000 1.028.000 2.489.000 Total cash available 690.000 912.550 1,078,990 2.580,000 Less disbursements: Purchase of inventory 324.000 384.000 310.800 1.018,800 Advertising 251,000 251.000 251.000 753,000 Rent 28.500 26.500 26,500 79.500 Salaries and wages 128.400 128.400 128,400 379.200 Sales commissions 32.800 48,400 28,800 103.000 Utilities 13.800 13.800 13.800 41,400 Dividends paid Equipment purchases Total disbursements 774.500 848,100 755,300 2,377.900 Excess (deficiency) of receipts over disbursements (84,500) 84,450 323.690 202.100 Financing Borrowings 155,000 11,000 0 185,000 $ Repayments 0 0 (165,000) (168,000) Interest (1,550) (1.860) (1.860) (4.870) Total financing 153,450 9,340 (167,660) (4.870) Cash balance, ending s 68.950 s 73,790 $ 158,030 $197.230 A budgeted income statement for the three-month period ending June 30. Use the variable costing approach. Answer is complete but not entirely correct. KNOCKOFFS UNLIMITED Budgeted Income Statement For the Three Months Ended June 30 Sales revenue $ 2.650.000 Variable expenses Cost of goods sold $ 1,060,000 Commissions 108,000 1.168.000 Contribution margin 1,484.000 Fixed expenses Advertising 753,000 Rent 79,500 Wages and salaries 379.200 Utilities 41,400 Depreciation 93.000 Insurance 19.200 Solo OOOOOO Operating income Less interest expense Net income 1,365,300 118,700 4,870 X $ 113,830 A budgeted balance sheet as of June 30. Answer is complete but not entirely correct. KNOCKOFFS UNLIMITED Budgeted Balance Sheet June 30 Assets Cash $ 99,030 X Accounts receivable 652.000 Inventory 75.200 Prepaid insurance 25,800 Fixed assets, net of depreciation 1,021,800 SSSSS Total 35 sets $ 1.873.630 Liabilities and Shareholders' Equity Accounts payable, purchases s 118,000 Dividends payable 18.400 Common shares 970,000 Retained earnings 767.230 los Total liabilities and shareholders' equity $ 1.873.630