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Check my work mode: This shows what is correct or incorrect for the work you have completed so far does not indicate completi Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14. 2, 14-3, 14-4, 14-5, 146 The following information applies to the questions displayed below) Stuart Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Problem 14-23 Part 1 Required .. October sales are estimated to be $260,000, of which 35 percent will be cash and 65 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending Inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $13.400. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow Salary expense (fixed) $19,400 Prey - 1 of 1 !! Next ct 12 Seved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to Required information Salary expense (fixed) Sales comissions Supplies expense Utilities fixed) Depreciation on store fixtures Rent (fixed) Miscellaneous (fixed) *The capital expenditures budget indicates that Stuart will spend $228,400 on October 1 for store fixtures, which are expected to have a $34,000 salvage value and a three-year (36-month) useful life. Use this information to prepare a selling and administrative expenses budget t Utilities and sales commissions are paid the month after they are incurred all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Stuart borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $26,000 cash cushion. Prepare a cash budget. ys them on the lone month. It pays Interest Prepare a cash budget Answer is not complete Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required Required G The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending Inventory equal to 10 rent that the needed anni Project 12 Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not indicate compler are nuo wanapan naman n amin ann am Rance Required information wy Hiu p ry points Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $13,400. Assume that all purchases are made on account. Prepare an inventory purchases budget. October November December $ $ $ Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed 18,720 156,000 174.720 22.464 187.200 209,664 18.720 190,944 13,400 224,640 238,040 22,464 215,576 Required purchases (on account) $ 174.720 $ $ Required information the last day of them. It pays intereso cash cushion points Stuart borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $26,000 cash cushion. Pre a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show les Csires to mh. It Days Repayme November December Cash Budget October Section 1: Cash Receipts Beginning cash balance 0 Add: Cash receipts 91,000 Total cash available 91,000 Section 2: Cash Payments For Inventory purchases 104,832 For selling and administrative expenses 33,400 278.200 278,200 333,840 333,840 184,454 50,240 205,732 54,088 138,232 234,694 259,820 Total budgeted disbursements Section 3: Financing Activities Borrowing (repayment) Surplus (shortage) Ending cash balance (47,232) 43,506 74,020 $ (47.232) $ 43,506 $ 74,020 Required F