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Required a. October sales are estimated to be $125,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 8 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 $6,000. 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) $9,000 5% of Sales 2% of Sales $ $2,000 $2,400 $ 600 700 *The capital expenditures budget indicates that Camden will spend $82,000 on October 1 for store fixtures, which are expected to have a $10,000 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. Camden 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 $6,000 cash cushion. Prepare a cash budget. October November December S Sales Budget Cash sales Sales on account Total budgeted sales 50,000 $ 75,000 125,000 $ 54,000 $ 81,000 135,000 $ 58,320 87,480 145,800 02 October November December S 50,000 $ Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections 0 54,000 S 75,000 129,000 $ 58,320 81,000 139,320 S 50,000 $ October November December S Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) 75,000 s 8,100 83,100 0 83,100 $ 81,000 s 8,748 89,748 (8,100) 81,648 $ 87,480 6,000 93,480 (8,748) 84,732 S October November December Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts payable S 58,170 57,154 59,312 Payment for prior month's accounts payable 0 24,930 24,494 Total budgeted payments for inventory S 58,170 S 82,084 S 83,806 October November December Selling and Administrative Expense Budget Salary expense S 9,000 s 9,000 s 9,000 Sales commissions 6,250 6,750 7,290 Supplies expense 2,500 2,700 2,916 Utilities 700 700 700 Depreciation on store fixtures 2,000 2,000 2,000 Rent 2,400 2,400 2,400 Miscellaneous 600 600 600 Total S&A expenses S 23,450 $ 24,150 S 24,906 0 October November December Schedule of Cash Payments for S&A Expenses Salary expense S 9,000 $ 9,000 $ 9,000 Sales commissions 6,250 6,750 Supplies expense 2,500 2,700 2,916 Utilities 0 700 700 Depreciation on store fixtures 0 0 0 Rent 2.400 2,400 2,400 Miscellaneous 600 600 600 Total payments for S&A expenses S 14,500 S 21,650 S 22,366 Cash Budget October Novomber December S 0 S 50,000 50,000 6,330 S 129,000 135,330 6,000 139,320 145,320 Section 1: Cash Receipts Beginning cash balance Add: Cash receipts Total cash available Section 2: Cash Payments For inventory purchases For selling and administrative expenses Purchase of store fixtures Interest expense 83,806 58,170 14,500 82,000 82,084 21,650 0 22,366 0 0 1,110 865 154,670 104,844 107,037 Total budgeted disbursements Section 3: Financing Activities Surplus (shortage) Borrowing (repayment) Ending cash balance (104,670) 111,000 6,330 S 30,486 (24,486) 6,000 $ 38,283 (32,283) 6,000 S CAMDEN COMPANY Pro Forma Income Statement For the Quarter Ended December 31, 2019 Sales revenue $ 405,800 Cost of goods sold 243,480 Gross margin 162,320 Selling and administrative expenses 72,506 Operating Income 89,814 Interest expense 1,975 Net income $ 87,839 CAMDEN COMPANY Pro Forma Balance Sheet December 31, 2019 $ 6,000 6,000 87,480 $ 82,000 (6,000) Assets Cash Inventory Accounts receivable Store fixtures Less: Accumulated depreciation Book value of fixtures Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability 76,000 175,480 $ $ 25,420 700 7,290 26,320 X Equity Retained earnings 87,839 Total liabilities and equity A 147,569 CAMDEN COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, 2019 Cash flows from operating activities Cash receipts from customers $ 318,320 Cash payments for selling and administrative expenses (58,516) Cash payments for inventory (224,060) Cash payments for interest expense (1,975) 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 S 33,769 (82,000) 48,231 >>> 48,231 x 0 $ 48,231