Hi , i need your help again, this is for chapter 9 , do you think you can help with this assignment ?

1. Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $130,000 June 150,000 July 200,000 August 130,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $22,000, of which $7,000 represents uncollected March sales and $15,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a threemonth summary of estimated cash collections. Perrier, Inc. Schedule of Budgeted Cash Collections Quarterly by Months May Total Cash receipts: June $Answer $Answer 0 July $Answer 0 0 Total $Answer 0 2. Cash Disbursements Assume that Waycross Manufacturing manages its cash flow from its home office. Waycross controls cash disbursements by category and month. In setting its budget for the next six months, beginning in July, it used the following managerial guidelines: Category Guidelines Purchases Pay half in current and half in following month. Payroll Pay 70 percent in current month and 30 percent in following month. Loan Payments Pay total amount due each month. Predicted activity for selected months follow: Category May June July August Purchases $ 30,000 $ 44,000 $ 49,000 $ 55,000 Payroll 100,000 110,000 120,000 100,000 10,000 10,000 15,000 15,000 Loan payments Prepare a schedule showing cash disbursements by account for July and August. Waycross Manufacturing Schedule of Cash Disbursements For the Months of July and August July Accounts payable Payroll August $Answer $Answer 0 Answer Answer 0 Answer Loan payments 0 Answer 0 $Answer Total 0 0 0 $Answer 0 3. Purchases Budget in Units and Dollars Budgeted sales of The Music Shop for the first six months of 2010 are as follows: Month Unit Sales Month Unit Sales January 130,000 April 190,000 Februar y 150,000 May 160,000 March 210,000 June 220,000 Beginning inventory for 2010 is 50,000 units. The budgeted inventory at the end of a month is 40 percent of units to be sold the following month. Purchase price per unit is $7. Prepare a purchases budget in units and dollars for each month, January through May. The Music Shop Purchases Budget January - May, 2010 January Purchase units: Purchase dollars: Answer February Answer 0 $Answer 0 March Answer 0 April Answer 0 May Answer 0 $Answer $Answer $Answer $Answer 0 0 0 0 0 4.Cash Budget Wilson's Retail Company is planning a cash budget for the next three months. Estimated sales revenue is as follows: Month Sales Revenue Month Sales Revenue January $300,000 March $200,000 Februar y 205,000 April 190,000 All sales are on credit; 60 percent is collected during the month of sale, and 40 percent is collected during the next month. Cost of goods sold is 70 percent of sales. Payments for merchandise sold are made in the month following the month of sale. Operating expenses total $44,000 per month and are paid during the month incurred. The cash balance on February 1 is estimated to be $40,000. Prepare monthly cash budgets for February, March, and April. Use negative signs only with beginning and ending cash balances, when appropriate. Do not use negative signs with disbursement answers. Wilson's Retail Company Cash Budgets February, March, and April February Cash balance, beginning March April $Answer $Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Total Cash receipts Cash available Total disbursements Wilson's Retail Company Cash Budgets February, March, and April February March April $Answer $Answer $Answer Cash balance, ending 5. Production and Purchases Budgets in Units At the end of business on June 30, 2009, the Wooly Rug Company had 100,000 square yards of rugs and 300,000 pounds of raw materials on hand. Budgeted sales for the third quarter of 2009 are: Month Sales July 180,000 sq. yards August 200,000 sq. yards September 160,000 sq. yards October 160,000 sq. yards The Wooly Rug Company wants to have sufficient square yards of finished product on hand at the end of each month to meet 40 percent of the following month's budgeted sales and sufficient pounds of raw materials to meet 30 percent of the following month's production requirements. Five pounds of raw materials are required to produce one square yard of carpeting. Prepare a production budget for the months of July, August, and September and a purchases budget in units for the months of July and August. Wooly Rug Company Production Budget For the Months of July, August, & September, 2009 July Budgeted production - sq. yards Answer August Answer September Answer Wooly Rug Company Purchases Budget For the Months of July & August, 2009 July Purchases in pounds Answer August Answer 6. Cash Budget The Peoria Supply Company sells for $50 one product that it purchases for $40. Budgeted sales in total dollars for next year are $720,000. The sales information needed for preparing the July budget follows: Month Sales Revenue May $30,000 June 40,000 July 48,000 August 50,000 Account balances at July 1 include these: Cash $20,000 Merchandise inventory 16,000 Accounts receivable (sales) 22,000 Accounts payable (purchases) 13,000 The company pays for onehalf of its purchases in the month of purchase and the remainder in the following month. Endofmonth inventory must be 50 percent of the budgeted sales in units for the next month. A 2 percent cash discount on sales is allowed if payment is made during the month of sale. Experience indicates that 50 percent of the billings will be collected during the month of sale, 40 percent in the following month, 8 percent in the second following month, and 2 percent will be uncollectible. Total budgeted selling and administrative expenses (excluding bad debts) for the fiscal year are estimated at $180,000 , of which onehalf is fixed expense (inclusive of a $20,000 annual depreciation charge). Fixed expenses are incurred evenly during the year. The other selling and administrative expenses vary with sales. Expenses are paid during the month incurred. (Round your answers to the nearest whole number.) (a) Prepare a schedule of estimated cash collections for July. Peoria Supply Company Schedule of Cash Collections For the Month of July Current month's sales Previous month's sales $Answer $Answer $Answer Two months' prior sales Total cash collections $Answer (b) Prepare a schedule of estimated July cash payments for purchases. Peoria Supply Company Schedule of Cash Payments for Purchases For the Month of July Current month's purchases Beginning accounts payable Total cash payments $Answer Answer $Answer (c) Prepare schedules of July selling and administrative expenses, separately identifying those requiring cash disbursements. Peoria Supply Company Schedule of Selling and Administrative Expenses and Cash Disbursements For the Month of July Total Selling and administrative expenses: Fixed $Answer Cash Peoria Supply Company Schedule of Selling and Administrative Expenses and Cash Disbursements For the Month of July Total Cash $Answer Cash payment Answer Variable Answer $Answer $Answer Total expenses and cash disbursements (d) Prepare a cash budget in summary form for July. Peoria Supply Company Cash Budget For the Month of July $Answer Cash receipts Cash disbursements: Merchandise Selling and administrative $Answer Answer Excess receipts (disbursements) Answer $Answer Check 7. Developing a Master Budget for a Merchandising Organization Peyton Department Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2010. PEYTON DEPARTMENT STORE Balance Sheet March 31, 2010 Assets Liabilities and Stockholders' Equity Cash $2,000 Accounts payable $26,000 Accounts receivable 25,000 Dividends payable 17,000 Inventory 30,000 Rent payable 1,000 2,000 Stockholders' equity 40,000 Total liabilities and equity $84,000 Prepaid Insurance Fixtures 25,000 Total assets $84,00 0 Actual and forecasted sales for selected months in 2010 are as follows: Month Sales Revenue January $80,000 February 50,000 March 40,000 April 50,000 May 60,000 June 70,000 July 90,000 August 80,000 Monthly operating expenses are as follows: Wages and salaries $27,000 Depreciation 100 Utilities 1,000 Rent 1,000 Cash dividends of $17,000 are declared during the third month of each quarter and are paid during the first month of the following quarter. Operating expenses, except insurance, rent, and depreciation are paid as incurred. Rent is paid during the following month. The prepaid insurance is for five more months. Cost of goods sold is equal to 50 percent of sales. Ending inventories are sufficient for 120 percent of the next month's sales. Purchases during any given month are paid in full during the following month. All sales are on account, with 50 percent collected during the month of sale, 40 percent during the next month, and 10 percent during the month thereafter. Money can be borrowed and repaid in multiples of $1,000 at an interest rate of 12 percent per year. The company desires a minimum cash balance of $2,000 on the first of each month. At the time the principal is repaid, interest is paid on the portion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month. Money is never repaid at the end of the month it is borrowed. (a) Prepare a purchases budget for each month of the second quarter ending June 30, 2010. Peyton Department Store Monthly Purchase Budget Quarter Ending June 30, 2010 April Budgeted purchases May June $Answer $Answer $Answer 0 0 Total $Answer 0 0 (b) Prepare a cash receipts schedule for each month of the second quarter ending June 30, 2010. Do not include borrowings. Peyton Department Store Schedule of Monthly Cash Receipts Quarter Ending June 30, 2010 April Total cash receipts May $Answer June $Answer 0 Total $Answer 0 $Answer 0 0 (c) Prepare a cash disbursements schedule for each month of the second quarter ending June 30, 2010. Do not include repayments of borrowings. Peyton Department Store Schedule of Monthly Cash Disbursements Quarter Ending June 30, 2010 April Total cash disbursements $Answer 0 May June $Answer 0 $Answer 0 Total $Answer 0 (d) Prepare a cash budget for each month of the second quarter ending June 30, 2010. Include budgeted borrowings and repayments. Only use negative signs, if needed, for: excess receipts over disbursements, balance before borrowings and cash balances (beginning and ending). Peyton Department Store Monthly Cash Budget Quarter Ending June 30, 2010 April Cash balance, beginning 0 Answer 0 Answer 0 Answer Answer Answer 0 Answer 0 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 0 0 Answer 0 Answer Answer Loan repayments Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 0 $Answer $Answer 0 $Answer $Answer 0 Answer 0 0 Balance before borrowings Cash balance, ending $Answer Answer Answer Excess receipts over disb. Total 0 0 0 Disbursements June $Answer $Answer Answer Receipts Borrowings May 0 0 0 $Answer 0 (e) Prepare an income statement for each month of the second quarter ending June 30, 2010. Only use negative signs to show net losses in income. Peyton Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2010 April Sales Cost of sales Gross profit May June $Answer $Answer $Answer 0 0 Answer Answer 0 Answer 0 0 Answer 0 Answer $Answer 0 Answer 0 Total 0 Answer 0 Answer 0 0 Operating expenses: Wages and salaries Depreciation Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 0 Answer 0 Answer 0 0 Peyton Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2010 April May Answer Utilities Answer Answer Answer Answer 0 Answer 0 $Answer 0 $Answer 0 0 0 Answer 0 $Answer 0 Answer 0 0 Net income Answer 0 Answer Answer 0 Answer 0 0 Total expenses 0 Answer 0 Answer 0 Answer 0 Answer Interest 0 Answer 0 Insurance Answer 0 Answer Total Answer 0 Rent June $Answer 0 0 (f) Prepare a budgeted balance sheet as of June 30, 2010. Peyton Department Store Budgeted Balance Sheet June 30, 2010 Assets Cash Accounts receivable Inventory Prepaid insurance Fixtures Total assets Liabilities and Equity $Answer 0 Answer Merchandise payable 0 Dividend payable 0 Rent payable Answer Answer 0 Answer 0 $Answer 0 Loans payable Interest payable Stockholders' equity Total liab. & equity 8. $Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 $Answer 0