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Question Completion Status: You are gathered the following additional information: 1. The company sells earrings at price of $16 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings) January (actual) February (actual) March (actual April (budget) May (budget) 21,200 June (budget) 51,200 27,200 July (budget) 31,200 41.200 August (budget) 29,200 66,200 September (budget) 26.200 101,200 2. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Accounts receivable from February sales will be collected in April and accounts receivable from March sales will be collected part in April and part in May based on the company collection pattern 3. The cost of goods sold is 50% of sales and sufficient inventory should be on hand at the end of each month which is determined to be 40% of the cost of earrings sold in the following month. One-half of a month's purchases is paid for in the month of purchase the other half is paid for in the following month * The variable selling and administrative expenses are 4% of sales and the monthly fixed selling and administrative expenses are $435,000 which includes $23,600 as depreciation 5. The company plans to purchase $19,006 in new equipment during May and $46,000 in new equipment during wine, both purchases will be for canh 6. The company declares dividends of $19,808 each quarter payable in the first month of the following quarter 7. The company maintains a minimum cash balance of $56,000. All borrowing is done at the beginning of a month any ropayments are made at the end of the quarter 8. The company has an agreement with a bank that allows the company to borrow any amount at the beginning of each month at interest rate 1 por month Ramil Question Completion Status. Question 1 Acc 325 Case study 15 points December 10, 2020 You have been hired as a new management trainee by Bahrain Company, a distributor of earrings to various retail outlets located in shopping malis across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below: The company's balance sheet as of March 31 is given below. Assets Cash $ 80,000 Accounts receivable (543,520 February salos: $527.360 March iles) 570,880 Inventory 121,808 Property and equipment (net) 1,010,000 Total assets $ 1.782,688 Liabilities and Stockholders' Equity Accounts payable s 108.000 Dividends payable 19,500 Common stock 396,000 Retained earnings 761.188 Total liabilities and stockholders' equity $ 1.782.688 You are gathered the following additional information 1. The company sells satrings at price of $16 por pair Actual sales of earrings for the last three months and budgeted sales for the next six months low in pairs of earrings January (actual) February (actual) 21.200 June (budget) 27.200 July (budget) 51,200 31.200 - 0 30 Required: Prepare a master budget for the three-month period ending June 30 Include the following detailed budgets and schedules 1. Sales budget, by month and in total 2 Schedule of expected cash collections by month and in total and compute the balance of accounts receivable on June 2. Merchandise purchases budget in dollars Show the budget by month and in total 4 Schedule of expected cash disbursements for merchandise purchases by month and in total and compute the balance of accounts receivable on June 30. 5. Selling and administrative busiget by month and in total 6 Cash budget, by month and in total For the toolbar, press ALT FHOPCIOR ALT FO) BIVS Paragraph 4 Anal TIT