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Problem 07-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2019, the management of Dimsdale Sports Co, a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estinated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 165,000 Total current assets $ 721, doo Equipment 624,000 Less: Accumulated depreciation 78,000 Equipment, net 546,800 Total assets $1,267,000 Liabilities and Equity Accounts payable $370,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 90.000 Total liabilities $ 472,000 Common stock 473,500 Retained earnings 321,500 Total stockholders' equity 795,000 Total liabilities and equity $1,267,000 To prepare a master budget for January, February, and March of 2020, management gothers the following information a. The company's single product is purchased for $30 per unit and resold for $57 per unit. The expected inventory level of 5,500 units on December 31, 2019, is more than management's desired level, which is 20% of the next month's expected sales (in units). Expected sales are January, 7,500 units; February, 9,250 units; March 11,500 units; and April 10,500 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 59% is collected in the first month after the month of sale and 41% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $130,000 is collected in January 2020 and the remaining $390,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2019, accounts payable balance, $65,000 is paid in January 2020 and the remaining $305,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year. To prepare a master budget for January, February, and March of 2020, management gathers the following information. a. The company's single product is purchased for $30 per unit and resold for $57 per unit. The expected inventory level of 5,500 units on December 31, 2019, is more than management's desired level, which is 20% of the next month's expected sales (in units). Expected sales are January 7,500 units; February, 9,250 units; March 11,500 units; and April 10,500 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 59% is collected in the first month after the month of sale and 41% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance$130,000 is collected in January 2020 and the remaining $390,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2019, accdunts payable balance $65,000 is paid in January 2020 and the remaining $305,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year. e. General and administrative salaries are $132,000 per year. Maintenance expense equals $1,800 per month and is paid in cash. f. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $33,600; February, $98,400; and March, $21,600. This equipment will be depreciated under the straight- line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased 9. The company plans to buy land at the end of March at a cost of $170,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $54,000 at the end of each month. I. The income tax rate for the company is 41%. Income taxes on the first quarter's income will not be paid until April 15. es Required: Prepare a master budget for each of the first three months of 2020; include the following component budgets. 1. Monthly sales budgets, 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Prev 1 of 1 !!! Next Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Required 1 Required 2 Required 3 Required 4 Required 5 Monthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Roun your final answers to the nearest whole dollar.) March DIMSDALE SPORTS CO. Cash Budget January, February, and March 2020 January February Beginning cash balance Cash receipts from customers Total cash available Cash payments for Merchandise 65,000 Sales commissions 85,500 105,450 Sales salaries General & administrative salaries Maintenance expense 1,800 1,800 Interest on bank loan (120) 0 Taxes payable 0 0 Purchases of equipment 33,600 98,400 Purchase of land 0 0 131,100 1,800 90,000 21,600 170,000 185,780 205,650 414,500 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance (12.000) 0 0 Loan balance February March $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month January 12,000 (12,000) Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 Required 8 Budgeted income statement for the entire first quarter (not for each month). (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Income Statement For Three Months Ended March 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Sales commissions expense Sales salaries expense General administrative salaries Maintenance expense Depreciation expense Interest expense 0 Total operating expenses Income before taxes 0 Income tax expenso Net Income 0 Required: Prepare a master budget for each of the first three months of 2020; include the following component budgets. 1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly merchandise purchases budgets. Total Next month's budgeted sales (units. Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available merchandise Beginning inventory (units) Units to be purchased Budgeted cost per unit Budgeted merchandise purchases DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January February 9,250 11,500 20% 20% 1,850 2,300 7.500 9,250 9,350 11,550 5,500 1,850 3,850 9,700 $ 30 $ 30 $ 115,500 $ 291,000 March 10,500 20% 2,100 11,500 13,600 2,300 11,300 30 339,000 $ $ $ 24,850 30 745,500 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Cash Bud Calc Required 7 Required 8 Monthly selling expense budgets. Total DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February Budgeted sales 427,500 $ 527,250 Sales commission percent 20% 20% Sales commissions 85,500 105,450 Sales salaries 5,000 5,000 Total budgeted selling expenses $ 90,500 $ 110,450 March $ 655,500 20% 131,100 5,000 $ 136,100 $ 322,050 15,000 337,050 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 R Monthly general and administrative expense budgets. Total Equipment - beginning of month Equipment purchases Equipment - end of month Monthly depreciation expense January $ 624,000 33,600 $ 657,600 S 6,850 February March $ 657,600 $ 756,000 98,400 21,600 $ 756,000 $ 777,600 $ 7,875$ 8,100 $ 22,825 DIMSDALE SPORTS CO. General and Administrative Expense Budget January, February, and March 2020 January February March $ 6,850 $ 7,875 $ 8,100 1,800 1,800 1,800 11,000 11,000 11,000 $ 19,650 $ 20,675 $ 20,900 Depreciation expense Maintenance expense Salaries expense Total $ 22,825 5,400 33,000 $ 61,225 Total Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 Required Calculate the budgeted cash receipts and cash payments. (Negative values should be indicated with minus si final answers to the nearest whole dollar) Calculation of Cash receipts from customers: January March February 9,250 7,500 11,500 $ 57.00 $ 57.00 $ 57.00 Sales in units Selling price per unit Total budgeted sales Cash sales Sales on credit $ 427,500 $ 527,250 $ 655,500 25% 131,813 106,875 320,625 $ 163,875 491,625 75% $ 395,438 -Collected in March 31 Total January February March Receivable $ 520,000 $ 130,000 $ 390,000 Accounts Receivable - January 1 Credit sales from: January February March Total collection of receivables 320,625 0 395,438 0 491,625 0 S 130,000 $ 390,000 $ 0 $ 0 Total cash receipts from customers January February $ 106,875 $ 131,813 $ 130,000 $ 236,875 March 163,875 Current month's cash sales Collections of receivables Total cash receipts March Total cash receipts from customers January February $ 106,875 $ 131,813 $ 130,000 $ 236,875 Current month's cash sales Collections of receivables Total cash receipts 163,875 Calculation of payments for merchandise: March 2,100 $ $ Desired ending inventory (units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases January February 1,850 $ 2,300 $ 7,500 $ 9,250 9,350 11,550 (5,500) (1,850) 3,850 9.700 30 $ 115,500 $ 291,000 $ es + (2,300) 11,300 30 339,000 30 $ March 31 Total -Paid in January February 65,000 $ 305,000 March Payable $ 370,000 $ Accounts Payable - January 1 Merchandise purchases in: January February March 23,100 $ $ o 115,500 291,000 339,000 92,400 58,200 232,800 339,000 Total cash paid for merchandise $ 65,000 $ 328,100 $ 150,600 571,800 Required 5 Required 6 Cash Bud >