Hilyaud Coimpary, an office supples speciaty stoce. prepores its master budget on a quaterly bass. The folowing data heve been astembled to assist in prepuration of the mastet budget for the frrst quarter: a. As of becember 31 ahe end of the prior quettert the company's general ledger showed the following account belances Surtheted to cethit a colf of Sn,050 bying hethe the cotiot Requlred: Using the preceding data, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections. 2-e. Inventory purchases budget. 2-b. Schedule of cash disbursements for purchases. 3. 3chedule of casn' dicoursements for oxpenses. 4. Cosh badget. (Roundup "Borrowing" and "Repeyments" answers to the neorest whsle dellar amount. Any "Frpayments" and "Interest" sheuld be indieated by a minus slen.) 5. Prepare an income statement for the quarter ending March 31 . 6. Prepare a baiance sheet as of March 31 . Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: b. Actuat saies for December and budgeted sales for the ne:tout manths are as followis: b. Actual sajes for December and budgeted sales for the next four months are as follows: resplyable at December 3 jore a recult of December ceot cale? a. The company's oloss margints 4023 of speles. 7. Doring fegriery, the company ourchese a nev copy mach ne for $2.200 cash Durling March, othet equloment will be Qurchosed for cosh a) f cost of $91000 Required: Using the preceding data, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections. 2-6. Inventory purchases budget. -b. Schedule of cash disbursements for purchases. 3. Schedule of casn disoursements for expenses. 4. Cash budget. (Roundup "Borrowing" and "Repayments" answers to the neorest whole dollor amount. Any "Repayments" and "interest" should be Indicoted by a minus sign.) 5. Prepare an income statement for the quarter ending March 31. 6. Prepare a balance sheet as of March 31 . Hilyaud Coimpary, an office supples speciaty stoce. prepores its master budget on a quaterly bass. The folowing data heve been astembled to assist in prepuration of the mastet budget for the frrst quarter: a. As of becember 31 ahe end of the prior quettert the company's general ledger showed the following account belances Surtheted to cethit a colf of Sn,050 bying hethe the cotiot Requlred: Using the preceding data, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections. 2-e. Inventory purchases budget. 2-b. Schedule of cash disbursements for purchases. 3. 3chedule of casn' dicoursements for oxpenses. 4. Cosh badget. (Roundup "Borrowing" and "Repeyments" answers to the neorest whsle dellar amount. Any "Frpayments" and "Interest" sheuld be indieated by a minus slen.) 5. Prepare an income statement for the quarter ending March 31 . 6. Prepare a baiance sheet as of March 31 . Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: b. Actuat saies for December and budgeted sales for the ne:tout manths are as followis: b. Actual sajes for December and budgeted sales for the next four months are as follows: resplyable at December 3 jore a recult of December ceot cale? a. The company's oloss margints 4023 of speles. 7. Doring fegriery, the company ourchese a nev copy mach ne for $2.200 cash Durling March, othet equloment will be Qurchosed for cosh a) f cost of $91000 Required: Using the preceding data, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections. 2-6. Inventory purchases budget. -b. Schedule of cash disbursements for purchases. 3. Schedule of casn disoursements for expenses. 4. Cash budget. (Roundup "Borrowing" and "Repayments" answers to the neorest whole dollor amount. Any "Repayments" and "interest" should be Indicoted by a minus sign.) 5. Prepare an income statement for the quarter ending March 31. 6. Prepare a balance sheet as of March 31
