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Required a. October sales are estimated to be $200,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 25 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 $12,000. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 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) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed)* Rent (fixed) Miscellaneous (fixed) $18,000 5 % of Sales 2% of Sales $ 1,400 $ 4,000 $ 4,800 $ 1,200 *The capital expenditures budget indicates that Adams will spend $164,000 on October 1 for store fixtures, which are expected to have a $20,000 salvage value and a three-year (36-month) useful life. Use this information to prepare a selling and administrative expenses budget. f. 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. Adams 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 $12,000 cash cushion. Prepare a cash budget. Required A Required B Required C Required D Required E Required F. Required G October sales are estimated to be $200,000, of which 40 percent will be cash and 60 percent will be credi expects sales to increase at the rate of 25 percent per month. Prepare a sales budget. October November December Sales Budget Cash sales $ $ Sales on account Total budgeted sales 80,000 $ 120,000 200,000 $ 100,000 150,000 250,000 125,000 187,500 312,500 $ $ 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 $12,000. 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 Less: Beginning inventory Required purchases (on account) 120,000 $ 15,000 135,000 L O 135,000 $ 150,000 18,750 168,750 (15,000) 153,750 187,500 12,000 199,500 (18,750) 180,750 $ $ Required A Required B Required C Required D Required E Required F. Required G Adams borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 month in cash on the last day of the month. To be prudent, the company desires to maintain a $12,000 cash a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) November December Cash Budget October Section 1: Cash Receipts Beginning cash balance Add: Cash receipts 80,000 Total cash available 80,000 Section 2: Cash Payments For selling and administrative expenses 28,000 Purchase of store fixtures 164,000 For inventory purchases 94,500 Interest expense 220,000 220,000 275,000 275,000 40,400 0 148,125 2,190 44,150 0 172,650 286,500 190,715 216,800 Total budgeted disbursements Section 3: Financing Activities Surplus (shortage) (206,500) 29,285 58,200 Ending cash balance $ (206,500) $ 29,285 $ 58,200 h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter. Answer is not Complete this question by entering your answers in the tab: Required H Required I Required ] --------------------- Prepare a pro forma income statement for the quarter. ADAMS COMPANY Pro Forma Income Statement For the Quarter Ended December 31, 2019 Sales revenue $ 762,500 Cost of goods sold 457,500 Gross margin 305,000 Selling and administrative expenses 141,575 Operating income 163,425 Interest expense Net income $ 163,425 ADAMS COMPANY Pro Forma Balance Sheet December 31, 2019 Assets Inventory $ 12,000 187,500 Accounts receivable Cash Store fixtures Less: Accumulated depreciation (12,000) Book value of fixtures (12,000) 187,500 Total assets $ Liabilities 54,225 15,625 Accounts payable Sales commissions payable Line of credit liability Utilities payable 1,400 Equity Retained earnings 159,335 X Total liabilities and equity $ 230,585 Prepare a pro forma statement of cash flows for the quarter. (Amounts to be deducted should be indicated by a minus sign.) : LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL ADAMS COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, 2019 Cash flows from operating activities Cash payments for selling and administrative expenses Cash payments for interest expense Cash receipts from customers $ 0. Cash payments for inventory Net cash flows from operating activities Cash flows from investing activities Cash payment for store fixtures Cash flow from financing activities Net inflow from line of credit Net increase in cash Plus: Beginning cash balance Ending cash balance