Homework: 9-35A Score: 0 of 3 pts E9-35A (similar to) | 1 of 1 (0 complete) Leno Corner Shoppe is a local convenience store with the following information: EEB Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Leno Corner Shoppe Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales Enter any number in the edit fields and then click Check Answer 3 Clear All remaining Data Table the follov . October sales were $210,000 . sales are projected to go up by 10% in November (from the October sales) and another 20% in December (from the November sales) and then return to the October level in January. 25% of sales are made in cash, while the remaining 75% are paid by credit or debit cards The credit card companies and banks (debit card issuers) charge a 2% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. Leno Corner Shoppe's gross profit is 30% of its sales revenue er and D For the next several months, the store wants to maintain an ending merchandise inventory equal to $19,000 + 15% of the next month's cost of goods sold The September 30 inventory was $41,050 . Expected monthly operating expenses include . Wages of store workers are $8,800 per month Utilities expense of $1,100 in November and $2.300 in December Property tax expense of $2.100 per month Property and liability insurance expense of $200 per month Check An Print Done 5A Data Table another 20% in December (from the November sales) and then return to the October level in January -25% of sales are made in cash, while the remaining 75% are paid by credit or debit cards The credit card companies and banks (debit card issuers) charge a 2% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily Leno Comer Shoppe's gross profit is 30% of its sales revenue. r and December .For the next several months, the store wants to maintain an ending merchandise inventory equal to S 19.000 + 15% of the next month's cost of goods sold The September 30 inventory was $41,050 December . Expected monthly operating expenses include Wages of store workers are $8,800 per month Utilities expense of $1,100 in November and $2.300 in December Property tax expense of $2.100 per month Property and liability insurance expense of $200 per month Depreciation expense of $8,000 per month Transaction fees, as stated above are 2% of credit and debit card sales . s and then click Check Ar Print Done wing information Decem 1 Requirements Prepare the following budgets for November and December 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement Done Print Done Clear All
