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Jameson Company, a liquid specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the second quarter: a. As of March 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash $ 8,500 Accounts receivable 24,000 Inventory 45,600 Buildings and equipment (net) 121'200 Accounts payable $ 27,300 Common stock 150,000 Retained earnings 22,000 $ 199,300 $ 199,300 The gross margin is 25% of sales b. Actual sales for March and budgeted sales for the next four months are as follows: March(actual) $60,000 April $76,000 May $81 ,000 June $106,000 July $57,000 d. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. Monthly expenses are budgeted as follows: rent, $3,300 per month: commissions, 12% of sales; other expenses, 6% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $909 per month. One-half of a month's inventory purchases are paid for in the month of purchase; the other half is paid in the following month. Equipment costing $2,500 will be purchased for cash in April Management wants to maintain a minimum cash balance of $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Schedule of Expected Cash Collections April May June Quarter Cash sales 45,600 48,600 63,600 157,800 Credit sales 24,000 30,400 32,400 86,800 Total collections 69,600 79,000 96,000 244,600 Merchandise Purchases Budget April May June Quarter Budgeted cost of goods sold 57,000 60,750 79,500 197,250 Add desired ending inventory 48,60 63,600 34,200 146,400 Total needs 105,600 124,350 113,700 343,650 Less beginning inventory 36,000 48,600 63,600 148,200 Required purchases $69,600 $75,750 $50,100 $195,450 Schedule of Expected Cash Disbursements for Merchandise Purchases April May June Quarter March purchases April purchases 30,000 30,000 May purchases 37,875 37,875 June purchases Total cash disbursements for purchasesYour Company Cash Budget April May June Quarter 0 Beginning cash balance Add cash collections Total cash available Less cash disbursements: Purchases of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess (deficiency) of cash Financing: Borrowings Repayments Interest Total financing Ending cash balance Your Company Income Statement For the Quarter Ended June 30th Sales Cost of goods sold: Beginning Inventory Purchases Good available Ending Inventory 6 Gross Margin Selling and administrative expenses: 8 Commissions Rent Depreciation Other Expenses Net operating income Net incomeYour Company Balance Sheet 30-Jun Assets Current assets: Cash Accounts Receivable Inventory Total current assets Buliding and Equipment-net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts Payable Stockholders' equity: Common stock Retained Earnings Total liabilities and stockholders' equity