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I need help with all requirements Data table - October sales are projected to be $370,000. - Sales are projected to increase by 12% in
I need help with all requirements
Data table - October sales are projected to be $370,000. - Sales are projected to increase by 12% in November and another 20% in December and then return to the October level in January. - 25% of sales are made in cash while the remaining 75% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not iccept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. - The store's gross profit is 40% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $10,000 plus 25% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $65,500. - Expected monthly operating expenses and details about payments include the following: - Wages of store workers should be $7,800 per month and are paid on the last dav of each mnnth Data table - Wages of store workers should be $7,800 per month and are paid on the last day of each month. - Utilities expense is expected to be $900 per month in September, October, and November. - Utilities expense is expected to be $1,100 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. \{ - Property tax is $18,000 per year and is paid semiannually each December and June. - Property and liability insurance is $13,200 per year and is paid semiannually each January and July. - Depreciation expense is $96,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $240,000 are to be paid in December. - Assume the cash balance on October 31 is $40,000. The company wants to maintain a cash balance of at least $40,000 at the end of every month. Data table - Utilities expense is expected to be $900 per month in September, October, and November. - Utilities expense is expected to be $1,100 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. - Property tax is $18,000 per year and is paid semiannually each December and June. - Property and liability insurance is $13,200 per year and is paid semiannually each January and July. - Depreciation expense is $96,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $240,000 are to be paid in December. - Assume the cash balance on October 31 is $40,000. The company wants to maintain a cash balance of at least $40,000 at the end of every month. - The company has arranged a line of credit with a local bank at a 6% interest rate. There is no outstanding debt as of October 31. Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Thrifty Dollar Store is a local discunt store with the folowing information: [Click the icon to view the intormation.? Hosil tha ranuternerto Requirement 2. Prepere the cost of goods soid, inventory, snd purchases budget for November and December. Thritty Dollar Store Coat of Goods Sold, Inventory, and Purchesas Budget Far the Months of November and December Enter arly number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the Cost of Goods Sold, Inventory, and Purchases Budget Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the Requirement 3. Prepare the operating expense budget for November and December. Thrifty Dollar Store Requirement 3. Prepare the operating expense budget for November and December. Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Enter any number in the edit fields and then continue to the next question. Thritty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2 , and 3. Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Requirement 5. Prepare the cash collections budget for November and December. Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Read the Requirement 5. Prepare the cash collections budget for November and December. Review the sales budget prepared in Requirement 1. Th- ft Dols gicre ls a locsl d scou-t store with t-e follod ng informsterc ich iak the iocn to ew tha infommaso.) Resise the budgeis crepared in Foquhements 1,2 , and 3. Thrifty Doliar FIH Nilles the lesn to sien dis mormat on.) Fosa the moysarmene Fues ch the budgete srepared in Foesulmme-is 1, 2 and 3. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) (Click the icon to view the information.) Read the requirements. Enter any number in the edit fields and then continue to the next question. Fesit t neci inerwats Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information.) Enter any number in the edit fields and then continue to the nextStep by Step Solution
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