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$ 651,000 DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 95,000 Total current assets Equipment 612,000 Le33: Accumulated depreciation 76,500 Equipment, net Total assets Liabilities and Equity Accounts payable $380,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 91,000 Total liabilities Common stock 472,000 Retained earnings 231, 500 Total stockholders' equity Total liabilities and equity 535,500 $1,186,500 $ 483,000 703,500 $1,186,500 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 $20 per unit and resold for $60 per unit. The expected inventory level of 4,750 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, 7,000 units; February, 9,000 units; March, 10,750 units, and April, 9,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 65% is collected in the first month after the month of sale and 35% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $125,000 is collected in January 2020 and the remaining $395,000 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, $60,000 is paid in January 2020 and the remaining $320,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $1,900 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, $96,000, 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 ISLAS.. 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, $96,000, 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. g. The company plans to buy land at the end of March at a cost of $180,000, 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 $50,000 at the end of each month. i. The income tax rate for the company is 35%. Income taxes on the first quarter's income will not be paid until April 15. 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. B. Monthly selling expense budgets. A. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 5. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). B. 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 sales budgets. DIMSDALE SPORTS CO. Sales Budget For January, February, and March 2020 Budgeted Budgeted Unit Sales Unit Price January $ 7,000 9,000 10,750 26,750 February March Totals for the quarter Budgeted Total Dollars 420,000 540,000 645,000 60 60 60 1,605,000 Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 equired 3 Required 4 Required s Required 5 Required 6 Required 6 Required 7 Required 8 C alc Cash Bud Monthly merchandise purchases budgets. Total March 9,000 20% DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January February Next month's budgeted sales (units) 9,000 10,750 Ratio of inventory to future sales 20% 20% Budgeted ending inventory (units) 1,800 2,150 Budgeted units sales for month 7,000 9,000 Required units of available merchandise 8,800 11,150 Beginning inventory (units) 4,750 1,800 Units to be purchased 9,350 Budgeted cost per unit 20 $ 20 Budgeted merchandise purchases $ 81,000 $ 187,000 1,800 10,750 12,550 2,150 10,400 20 208,000 $ $ $ $ 23,800 20 476,000 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Total Monthly selling expense budgets. DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February Budgeted sales $ 420,000 $ 540,000 Sales commission percent 20% 20% Sales commissions 84,000 108,000 Sales salaries 7,500 7,500 Total budgeted selling $ 91,500 $ 115,500 expenses March $ 645,000 20% 129,000 7,500 $ 136,500 $ 321,000 22,500 $ 343,500 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly general and administrative expense budgets. Total Equipment - beginning of month Equipment purchases Equipment- end of month Monthly depreciation expense January $ 612,000 33,600 $ 645,600 $ 6,725 February $ 645,600 96,000 $ 741,600 $ 7,725 March $ 741,600 21,600 $763,200 $ 7,950 $ 22,400 DIMSDALE SPORTS CO. General and Administrative Expense Budget January, February, and March 2020 January February March Depreciation expense $ 6,725 $ 7,725 $ 7,950 Maintenance expense 1,900 1,900 1,900 Salaries expense 12,000 12,000 12,000 Total $ 20,625 $ 21,625 $ 21,850 Total $ 22,400 5,700 36,000 $ 64,100 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly capital expenditures budgets. DIMSDALE SPORTS COMPANY Capital Expenditures Budget January, February, and March 2020 January February $ 33,600 $ 96,000 0 $ 0 $ 33,600 $ 96,000 Equipment purchases Land purchase Total March $ 21,600 180,000 $ 201,600 Total $ 151,200 180,000 $ 331,200 Calculation of Cash receipts from customers: January Sales in units 7.000 Selling price per unit $ 60.00 Total budgeted sales $ 420.000 Cash sales 25% 105.000 Sales on credit 75% S 315.000 February 9.000 $ 80.00 $ 540.000 135.000 $ 405,000 March 10.750 $ 60.00 $ 845,000 161.250 $ 483,750 --- January $ 125,000 Collected in February $395,000 March 31 Receivable Total $ 520,000 March Accounts Receivable - January 1 Credit sales from: January February March Total collection of receivables 315,000 405,000 483,750 $ 125,000 $395,000 5 0 0 March Total cash receipts from customers January February Current month's cash sales Collections of receivables Calculation of payments for merchandise: January February March 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 March Total cash receipts from customers January February Current month's cash sales Collections of receivables Calculation of payments for merchandise: January February March 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 March 31 ----------------Paid in--- January February $ 80,000 $320,000 March Total $ 380,000 Payable Accounts Payable - January 1 Merchandise purchases in: January February March Total cash paid for merchandise $ 60,000 $ 320,000 $ 0 0 Required 5 Required 6 Cash Bud > March Total cash receipts from customers January February Current month's cash sales Collections of receivables Calculation of payments for merchandise: January February March 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 March 31 ----------------Paid in--- January February $ 80,000 $320,000 March Total $ 380,000 Payable Accounts Payable - January 1 Merchandise purchases in: January February March Total cash paid for merchandise $ 60,000 $ 320,000 $ 0 0 Required 5 Required 6 Cash Bud > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 Required B Monthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round 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 Sales commissions Sales salaries General & administrative salaries Maintenance expense Interest on bank loan Taxes payable Purchases of equipment Purchase of land 0 0 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance February March Loan balance January Loan balance - Beginning of month Additional loan loan repayment) Loan balance - End of month Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 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 OOOOOO Total operating expenses Income before taxes Income taxes payable Net income IS Required 1 Required 2 Required 3 Required 4 Required Required 6 Required 6 PM Calc Cash Bud Required 7 Required Budgeted balance sheet as of March 31, 2020. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31 2020 ssets Cash $ 38,000 Accounts receivable 520,000 Merchandise Inventory fotal current assets $ 556,000 Land Equipment Accumulated depreciation Equipment, net fotal assets Liabilities and Equity abilities Accounts payable Bank loan payable Income taxes payable otal liabilities Stockholders' Equity Common stock Retained earnings fotal Stockholders' Equity otal Liabilities and Equity