Help me answer all 7 questions please
Penny Saver Store is a local discount store with the following information: (Click the icon to view the information.) Read the reguirements. Data table - October sales are projected to be $340,000. Requirement 1. Prepare the sales budget for November and December. - Sales are projected to increase by 15% in November and another 20% in December and then return to the October level in January. - 20% of sales are made in cash while the remaining 80% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. - The store's gross profit is 25% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $12,000 plus 10% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $37,500. - Expected monthly operating expenses and details about payments include the following: - Wages of store workers should be $7,600 per month and are paid on the last day of each month. - Utilities expense is expected to be $1,300 per month in September, October, and November. - Utilities expense is expected to be $1,600 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. - Property tax is $25,200 per year and is paid semiannually each December and June. - Property and liability insurance is $13,200 per year and is paid semiannually each January and July. - Depreciation expense is $192,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $230,000 are to be paid in December. - Assume the cash balance on October 31 is $65,000. The company wants to Requirement 1. Prepere the sales budget for November and December. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for Novernber and Decernber. Dollar Saver Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December Enter any number in the edit fields and then continue to the next question. Requirement 3. Prepare the operating expense budget for November and December. Requirement 3. Prepare the operating expense budget for November and December. Dollar Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2 , and 3
