I need the sloution for Q3.22
Jaime's Hat Shop sells hats with school logos on them; the hats sell for s22 each. This year, Jaime's expects to sell 350 hats in August, 300 in September, 400 in October, 800 in November, 1040 in December and 750 in January. On average, 25 per cent of customers purchase on credit. Jaime's allows those customers to pay for their purchase the month after they have made their purchases. Required: Prepare a sales budget for Jaime's. Hat Shop for the seconds quarter of this financial year. Include the expected cash collection schedule for the seconds quarter of this financial year. Refer to Exhibit 3.19. Business policy is to plan end month with an ending inventory equal to 20 per cent of the next month's projected sales. Jaime's pays s8 for each hat that it5 purchases. Jaime and his supplier have an arrangement that allows Jaime's hat Shop to pay for each purchase 60 days after the purchases. Required: Prepare a purchases budget for the second quarter of this financial year for Jaime's Hat Shop. Refer to Exhibit 3.19. Assume Jaime's ended the first quarter of this financial year with 60 hats on hand Required: Notice that Jaime's ended the first quarter with less than 20 per cent of projected sales for October What do you think accounts for the difference? How many hats should Jaime's purchase in October? Refer to Exhibit 3. 9. Jaime's Hat Shop expects to incur the following expenses for each month of the second quarter of this financial year: In April. Jaime's had prepaid the rent for the whole year. Jaime plans to pay for all the other expenses in the month they occur. Required: Prepare a selling expenses budget for the second quarter of this financial year, Prepare a general and administrative expenses budget for the second quarter of this financial year. Refer to Exhibits 3.19 to 3.22. Jaime's Hat Shop ended September with a cash balance of $10343. Required: Prepare a cash budget for the second quarter of this financial year. Refer to Exhibits 3.19 to 3.22. Required: Prepare a projected income statement for the second quarter of this financial war. Robert and Gwen are partners in a new superannuation search business called Super Lost an Found. Super Lost and Found, which begins operations in December, finds lost accounts