i just need the cash budget!

More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018 ) a. Budgeted sales are 1,500 sets for the first guarter and expected to increase by 50 sets per quarter Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account Sets are budgeted to sell for $90 per set b. Finished Goods Inventory on December 31, 2018, consists of 550 sets at $35 each c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 1.700 sets. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 3.300 pounds Direct materials requirement is 6 pounds per set. The cost is 1 per pound e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production desired ending inventory for December 31, 2019, s. 3.300 pounds. Indirect materials are Insignificant and not considered for budgeting purposes 1. Each set requires 0 20 hours of direct labor direct labor costs average 10 per hour 9. Variable manufacturing overhead is $2.00 per set h. Fixed manufacturing overhead includes $4500 per quarter in depreciation and 58.020 per quarter for other costs, such as utilities Insurance and property taxes Fixed selling and administrative expenses include 59.000 per quarter for salaries 55,700 per quarter for rent $600 per quarter for insurance and 51 000 per quarter for depreciation Print Done More info Fixed selling and administrative expenses include $9.000 per quarter for salaries. 55,700 per quarter for rent, $500 per quarter for insurance, and 51,000 per quarter for depreciation 1 Variable selling and administrative expenses include supplies at 3% of sales k Capital expenditures include 520,000 for new manufacturing equipment to be purchased and paid for in the first quarter Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter following the sale, Accounts Receivable balance on December 31, 2018 is expected to be received in the first quarter of 2019. uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter Accounts Payable balance on December 31, 2018 is copected to be paid in the first quarter of 2019 n. Direct labor, manufacturing overhead, and selling and administrative conts are paid in the quarter Incurred 0. Income tax expense is projected at $4.500 per quarter and is paid in the quarter incurred P: Truvor desires to maintain a minimum cash balance of $60.000 and borrows from the local bankas needed in increments of $1.000 at the beginning of the quarto, principal payments are made at the beginning of the quarter when excess funds are available and increments of $1000, interest is 129 per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter Paint Done Trevor Toy Company Balance Sheet December 31, 2018 Assets 60,000 18,000 3.300 Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant and Equipment Equipment Less Accumulated Depreciation 19.250 100 550 188.000 (39,000) 149,000 -X Data Table S 100.550 Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets 188,000 (39,000) $ 149,000 249,550 Liabilities 16,000 Current Liabilities Accounts Payable $ Stockholders' Equity Common Stock no par 5 180.000 Retained Earnings 53.550 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 233 550 249,550 Print Done Requirements 1. Prepare Trever's operating budget and cash budget for 2019 by quarter Required schedules and budgets include sales budget production budget dired materials budget direct labor budget, manufacturing overhead budget cost of goods sold budget selling and administrative expense budget schedule of cash receipts. schedule of cash payments and cash budget Manufacturing overhead costs are allocated based on direct labor hours Round a calculations to the nearest dollar) 2. Prepare Trevor's annual financial budget for 2015, including budgeted Income statement and budgeted balance sheet 3. Trevor sold 7 100 sets in 2019, and its actual operating income was as follows mm Click the icon to view the actual income statement) Prepare a feble budget performance report through operating income for 2019 Show product costs separately from seling and administrative costs to simply the calculations due to set in beginning inventory having a diferent cost than those produced and sold in 2019. assume the following producto Click the icon to view the productos 4. What was the effect on Trever's operating income of seng 800 more than the static budget level of sales? Print Done Requirements 5. What is Trevor's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more sul Information to Trevor's managers than the static budget performance report What Insights can Trevor's managers draw from this performance report? T. During 2019. Trevor recorded the following cost dat Click the icon to view the standard cost data m Click the icon to view the actual cost dut) Compute the cost and ulticiency variances for direct materials and direct labor 8. For manufacturing overhead, compute the variable overhead cost and efficiency Valances and the fored overhead cost and volume variances 9. Prepare the standard cont income statement for 2019 10. Calculate Trevor's ROI for 2019 To calculate average to see December 31, 2016 balance sheet for the beginning balance and the trageted balance sheet for December 31, 2019 for the ending to Round all of your awwers to four decimal places PV 11. Culote Trevor's proftratio for 2019 terpret your 12. Calcule Trevor's asset tumover at for 2019 Interpret your results 13. Use the expanded ROI formulato conform your results from Requirement to Interpret your 14. Trevor's management has specited a 10% target of return Calculate Trevor's RI for 2019. Interpret your Po 1 Data Table 639,000 Trevor Toy Company Income Statement For the Year Ended December 31, 2015 Net Sales Revenue $ Cost of Goods Sold Variable 86.406 Fixed 48.480 Gross Profit Selling and Administrative Expenses Variable 19.170 Food 65.200 Operating Income Other Income and Expenses 134 886 504.114 BE370 419.744 Print Done i Data Table Cost of Goods Sold Variable 86,406 Fixed 48.480 134 886 504114 19,170 65.200 34 370 Gross Profit Selling and Administrative Expenses Variable Fixed Operating Income Other Income and (Expenses) Interest Expense Income Before Income Taxes Income Tax Expense 419,744 (500) 419,244 25.000 394244 Net Income 0 Data Table - X Total Static budget Flexible budget Variable $ 72,670 $ 85,606 Fixed 50.080 $ 50.080 122.750 135.686 Print Done Data Table - X Cost Standard Cost Information Quantity Direct materials 6 pounds per set Direct labor 0.20 hours per set Variable manufacturing overhead 0 20 hours per set Fixed manufacturing overhead Static budget amount: $50,080 0.20 hours per set $1 per pound $10 per hour $10 per hour $40.00 per hour Print Done Data Table Actual Cost Information Direct matijals Direct labor Variable manufacturing overhead Fixed manufacturing overhead (42 300 pounds @ 51 40 per pound) $ (1,380 hours 510 10 per hour) (1.380 hours @ 59 60 per hour) 59,220 13.938 13248 48.480 Print Done Cash Receipts Budget Cash Receipts from Customers Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total $ 135,000 $ 139,500 $144,000 $ 148,500 $ 567,000 First Second Third Fourth Quarter Quarter Quarter Quarter Total $ 18,000 27,000 Cash Receipts from Customers: Accounts Receivable balance December 31, 2018 1st Qtr-Cash sales 1st Qtr-Credit sales, collection of Otr. 1 sales in Qtr. 1 1st Qtr-Credit sales, collection of Otr. 1 sales in Qtr. 2 2nd Qtr-Cash sales 2nd Otr ----Credit sales collection of tr 2 sales in Our 2 64,800 $ 43,200 27 900 66,960 Print Done Cash Receipts Budget - 27 900 66,960 S 44,640 28 800 2nd Qash salos 2nd Q-Credit sales, collection of Qu 2 sales in Ott 2 2nd Qtr --Credit sales, collection of Qtr 2 sales in Qtr 3 3rd Qr-Cash sales 3rd Qtr-Credit sales, collection of Qtr 3 sales in Qu: 3 3rd Q.-Credit sales, collection of tr. 3 sales in Qtr. 4 4th Otr-Cash salos 4th otr-Credit sales, collection of tr 4 sales in Or 4 Total cash receipts from customers 69,120 $ 46,080 29,700 71.280 $109.800 $ 138,060 $ 142,560 $ 147,060 $ 537,480 Accounts Receivable balance, December 31, 2019: 4th Or-Credit sales, collection of tr 4 sales In Otr. 1 of 2020 47.520 N Print Cash Payments Budget Cash Payments Second Third Fourth First Quarter Quarter Total direct materials purchases Quarter Quarter Total $ 6,1295 9,420 First Second Quarter Quarter 9,720$ 12,2915 Third Fourth 37.560 Quarter Quarter Total S 16.000 Cash Payments Direct Materials: Accounts Payable balance, December 31, 2013 1st Otr-1 direct material purchases paldin Qu. 1 1st Qir-OL 1 direct material purchases paid in O2 2nd Gtr - 2 direct material purchases paid in Or 2 2nd Otror 2 direct material purchases paid in O3 4.290 S 1839 6.594 S 2.626 Cash Payments Budget 3rd Qtr.Qur. 3 direct material purchases paid in Qtr. 3 3rd Qur-tr. 3 direct material purchases paid in Qtr. 4 4th Qtr-tr. 4 direct material purchases paid in Qtr. 4 6,804 > 5 2,916 Total payments for direct materials 20,290 8,433 8,604 11,520 $ 9,630 49,873 Direct Labor: Total payments for direct labor 2,830 3,130 3,230 3,330 12,520 Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead 2,830 3.130 12.520 8,020 8,020 11,150 3,230 8,020 11.250 3,330 8,020 11,350 10,850 32,080 44,600 Print Done Cash Payments Budget - 9,000 9,000 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses 9,000 5.700 9,000 5,700 5,700 5,700 600 600 600 600 36,000 22,800 2.400 17,010 78,210 4,050 4 185 4.455 4,320 19,620 19,350 19,485 19.755 Income Taxes: Total payments for income taxes 4,500 4,500 4,500 4,500 18,000 Capital Expenditures: Total payments for capital expenditures 20,000 20,000 Print Done Capital Expenditures: Total payments for capital expenditures 20,000 20,000 Total cash payments (before interest) $ 77,820 46,698 $ 48,230 50,455 S 223,203 Accounts Payable balance, December 31, 2019: 4th Qu-Qur. 4 direct material purchases paid in Qtr 1 of 2020 3,687 Read the requirements Trevor Toy Company Cash Budget For the Year Ended December 31, 2019 First Quarter Beginning cash balance Cash receipts Cash available Cash payments Capital expenditures Enter any number in the edit fields and then click Check Answer Read the requirements. Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before fiOnancing Enter any number in the edit fields and then click Check Answer Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance