Homework: 9-64 Score: 0 of 5 pts P9-64A (similar to) Nickel Saver Store is a local discount store with the following information Read the tatreme Requirement 1. Prepare the sales budget for November and December Nickel Saver Store Sales Budget November Cash sales Totala 7 v-04 HW Score: o) Quest October sales are projected to be $330,000 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 8% are he sales budget for November and D and debit card transaction fee, and deposit the net amount (sales price less the tr the store's bank account daily The store does not accept checks Because of the payment mechaniams, there is no risk of non-payment or bad-debts fee) in Budget ovember and December The store's gross profit is 30% of its sales revenue . For the next several months, the store wants to maintain an ending merchandise inventory equal to S 12 000 plus 20% of the next month's cost of goods sold All The Septomber 30 inventory is expected to be $58.200 Expected monthly operating expenses and details about payments include the following . of each month Print 0% 41 of 1 (0 HW Score: 0% r to) of each month Utilities expense is expected to be $700 per month in September. October, and re the sales budget for November and D Utilities expense is expected to be $1.100 per month during the colder months of All utity bills are paid the month after incurred Property tax is $20,400 per year and is paid semiannualy each December and ales Budget r and December June Proporty and liability insurance is $18,000 per year and is paid semiannually each January and July , Transaction fees as stated earlier, are 4% of credit and debit card sales Cash dividends of $290000 are to be paid in December Assume the cash balance on October 31 is $40,000 The company wants to maintain a cash balance of at least 540 000 at the end of every month . There is no outstanding debt as of October 31 1 of 1 (0 complete) punt store with the following information: rmation.) 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 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget ber and December Dece nar Print lds and then click Check Answer Clear All