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Garden Sales, Incorporated, sells garden supplies, Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following Information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April $ 520,000 364,000 156,eee May $ 720,000 504,000 216.000 June $ 420,000 294,000 126,000 July $ 320,000 224,000 96,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expense" Total selling and administrative expenses Net operating income *Includes $14.000 of depreciation each month. 72,600 41,000 113,000 $ 43.ee 92,000 54,400 146,400 $ 69,600 53,000 33,200 156,200 $ 39,800 32,000 30,000 62,000 $ 34,000 b. Sales are 20% for cash and 80% on account. c. Sales on account are collected over a three-month period with 10% collected in the month of sale: 80% collected in the first month following the month of sale, and the remaining 10% collected in the second month following the month of sale. February's sales totaled $150,000, and March's sales totaled $300,000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following month. Accounts payable at March 31 for inventory purchases during March total $120,400 e. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31is $72,800, 1. Dividends of $22.000 will be declared and paid in April. 9. Land costing $30,000 will be purchased for cash in May. h. The cash balance at March 31 is $44.000; the company must maintain a cash balance of at least $40,000 at the end of each month 1. 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 $200,000. 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. How I MULTISYNCHRONIC totaled $150,000, and March's sales totaled $300,000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following month. Accounts payable at March 31 for Inventory purchases during March total $120,400 e. Each month's ending Inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $72,800 f. Dividends of $22,000 will be declared and paid in April. g. Land costing $30,000 will be purchased for cash in May, h. The cash balance at March 31 is $44.000 the company must maintain a cash balance at least $40,000 at the end of each month 1. The company has an agreement with a local bank that allows the company to borrowincrements of $1.000 at the beginning of each month, up to a total loan balance of $200,000. The interest rate on these loan per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able tennis loan plus accumulated interest at the end of the quarter Required: 1. Prepare a schedule of expected cash collections for April May, and June, and for the liter in total 2. Prepare the following for merchandise Inventory: a. A merchandise purchases budget for April. May, and June b. A schedule of expected cash disbursements for merchandise purchases for April Mayo June, and for the quarter in total hunt for And 2 Pronun Required 1 Required 2A Required 28 Required 3 2.36 points Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total Schedule of Expected Cash Collections April May June Cash sales $ 104.000 $ 144,000 $ 84,000 332.000 Sales on account February 12,000 12 000 March 192,000 24,000 216.000 April 41 800 332 800 41 600 110,000 57,600 460,800 518 400 June 33,600 33,600 Total cash collections 349,600 558 400 $ 620,000 S 1528.000 May Rexurd Required 2A > Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Prepare the following for merchandise inventory, a merchandise purchases budget for April, May, and June. May June Merchandise Purchases Budget April Budgeted cost of goods sold 364,000 504,000 Add Desired ending merchandise inventory 100,800 58,800 Total needs 464,800 562 800 Less. Beginning merchandise inventory 72 800100,800 $ S Required inventory purchases 392,000 462,000 294 000 44.800 338,800 58,800 S 280.000 Required 1 Required 2A Required 2B Required 3 June Prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchandi April, May, and June, and for the quarter in total. Schedule of Expected Cash Disbursements for Merchandise Purchases April May Quarter Beginning accounts payable $ 120,400 120 400 April purchases 196,000 196,000 392,000 May purchases 231,000 231,000 462,000 June purchases 140,000 140.000 Total cash disbursements $ 316 400 427,000 $ 371,000 $ 1.114 400 S June May 40,200 558,400 598,600 40,070 620,000 600070 Quarter 144,000 1,528,000 1,572,000 can sugger For the Quarter Ended June 30 April Beginning cash balance S 44,000 Add collections from customers 349,600 Total cash available 393,600 Less cash disbursements Purchases for inventory 316,400 Selling expenses 72,000 Administrative expenses 27.000 Land purchases Dividends paid 22,000 Total cash disbursements 437 400 Excess (deficiency) of cash available over disbursements (43 800) Financing Borrowings 84,000 Repayment 0 Interest 0 Total financing 84,000 Ending cash balance $ 40,200 $ 427,000 92,000 40.400 30,000 SS 1.114.400 217.000 86,600 30,000 22,000 1470,000 102.000 0 S 589.400 9,200 21030 32,000 (1,130) 30,870 40,070 07 (116,000) (1.160) (117,100) 99,710 $ 116.000 (116,000) (2,290) (2 200) 99,710 $