Hi I really could use some help on the last of this problem.

JS Davis, Managerial Accounting, 3e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Problem 5-35 Sheridan Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $902,900 $1,006,900 $902,900 $1,154,400 $1,252,100 $1,407,700 Month July August September October November December Sales $1,506,300 $1,506,300 $1,604,100 $1,604,100 $1,506,300 $1,702,800 Phillip Smith, an accountant in the Planning and Budgeting Department is responsible for preparing the cash flow projection. He has gathered the following information All sales are made on credit. . Sheridan's excellent record in accounts receivable collection is expected to continue, with 60% of billings collected in the month after sale and the remaining 40% collected two months after the sale, ALLAN NEXT CALCULATOR PRINTER VERSION BACK Sheridan's excellent record in accounts receivable collection is expected to continue, with 60% of billings collected in the month after sale and the remaining 40% collected two months after the sale. Cost of goods sold, Sheridan's largest expense, is estimated to equal 40% of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30% during the month of sale. For example, in April, 30% of April cost of goods sold is purchased and 70% of May cost of goods sold is purchased. All purchases are made on account. Historically, 75% of accounts payable have been paid during the month of purchase, and the remaining 25% in the month following purchase. Hourly wages and fringe benefits, estimated at 30% of the current month's sales, are paid in the month incurred. . General and administrative expenses are projected to be $1,558,400 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits $ 320,900 Advertising 370,300 Property taxes 140,100 Insurance 193,400 Utilities 180,100 Depreciation 353,600 Total $ 1,558,400 CALCULATOR PRINTER VERSION 1 BACK NEXT ES Operating income for the first quarter of the coming year is projected to be $326,900. Sheridan is subject to a 40% tax rate. The company pays 100% of its estimated taxes in the month following the end of each quarter. Sheridan maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12% line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $59,300. Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.2 Cash Receipts Budget May June April Total Cash Receipts February sales 402760 402760 $ $ $ $ March sales 541740 361160 902900 April sales 692640 461760 1154400 uncements CALCULATOR PRINTER VERSION BACK NEXT ES Cash Receipts Budget May June April Total Cash Receipts February sales 402760 $ 402760 March sales 541740 361160 dy 902900 April sales 692640 461760 1154400 May sales 751260 751260 Totals 944500 $ 1053800 1213020 $ $ 3211320 $ Accounts Receivable balance at the end of second quarter of 2015 $ 1908540 NEXT ECES CALCULATOR PRINTER VERSION BACK Prepare the purchases budget for the second quarter. (Round answers to o decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter o.) April Purchases Budget June May Total Purchases April COGS 138528 $ $ $ 138528 ady May COGS 350558 150252 500840 June COGS 394156 168924 563080 July COGS 421764 421764 Totals 489116 $ 544408 590688 1624212 $ NEXT DURCES CALCULATOR PRINTER VERSION BACK Prepare the cash payments budget for the second quarter. (Round answers to o decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May 107895 June March purchases Study April purchases 366837 122279 408306 136105 May purchases June purchases 443016 474732 530585 579118 $ 147672 Accounts Payable balance at the end of second quarter of 2015 $ CALCULATOR PRINTER VERSION 4 BACK NEXT Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget May June Quarter Beginning Cash balance 59300 $ $ April $ Collection from Sales Total cash available to spend Less: disbursements Salaries 26742 26742 26742 80226 Advertising Property taxes > CALCULATOR PRINTER VERSION BACK NEXT ESOURCES Property taxes Insurance Utilities Payments for inventory by Study Income taxes Wages Total cash disbursements Cash excess (deficiency) Minimum cash balance Cash excess (needed) CALCULATOR PRINTER VERSION 5 BACK NEXT V Cash excess (needed) Financing: Borrowings Repayments Interest Total financing Ending Cash Balance Click if you would like to Show Work for this question: Open Show Work