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Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. $ 650,500 DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 95,000 Total current assets Equipment 600,000 Less: Accumulated depreciation 75,000 Equipment, net Total assets Liabilities and Equity Accounts payable $ 350,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities Common stock 474,500 Retained earnings 250,000 Total stockholders' equity Total liabilities and equity 525,000 $1,175,500 $ 451,000 724,500 $1,175,500 To prepare a master budget for January, February, and March of 2020, management gathers the following information. a. The company's single product is purchased for $20 per unit and resold for $56 per unit. The expected inventory level of 4,750 units on December 31, 2019, is more than management's desired level, which is 20% of the next month's expected sales in units). Expected sales are January, 6,500 units; February, 8,500 units; March, 10,750 units, and April, 9,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 61% is collected in the first month after the month of sale and 39% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $130,000 is collected in January 2020 and the remaining $390,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2019, accounts payable balance, $65,000 is paid in January 2020 and the remaining $285,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year. e. General and administrative salaries are $156,000 per year. Maintenance expense equals $1,900 per month and is paid in cash. f. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $33,600; February, $98,400; and March, $19,200. This equipment will be depreciated under the straight- line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased. g. The company plans to buy land at the end of March at a cost of $155,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $48,000 at the end of each month. i. The income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 Required 8 Calculate the budgeted cash receipts and cash payments. (Negative values should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Calculation of Cash receipts from customers: January Sales in units 6,500 Selling price per unit $ 56.00 Total budgeted sales | $ 364,000 Cash sales 25% 91,000 Sales on credit 75% $ 130,000 February March 8,500 10,750 $ 56.00 $ 56.00 $ 476,000 $ 602,000 119,000 150,500 S 357,000 S 451,500 Total ------------------Collected in------ --Collected in-------------- January February March 130,000 $ 390,000 March 31 Receivable Accounts Receivable - January 1 $ 520,000 $ Credit sales from: $ S 130,000 357,000 451,500 166,530 $ $ January February March Total collection of receivables 106,470 217,770 (143,000) 139,230 451,500 447,730 $ 130,000 $ 556,530 $ 324,240 $ Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers January February $ 91,000 $ 119,000 $ 130,000/ 556,530 $ 221,000 $ 675,530 S March 150,500 324,240 474,740 Calculation of payments for merchandise: January February March $ 6,500 $ 8,500 $ 10,750 Desired ending inventory (units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases ----------------Paid in--------------- January February March $ 65,000 285,000 March 31 Payable Total 350,000 $ Accounts Payable - January 1 Merchandise purchases in: January February March 13,800 $ $ 55,200 35,800 35,800 Total cash paid for merchandise $ 65,000 $ 298,800 $ 91,000 S -35,800 Required 1 Required 2 Required 3 Required 4 Required 5 Beruired Bed s Required 6 Calc Required 6 Cash Bud Required 7 Required 8 Monthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) $ March 216,310 474,740 691,050 DIMSDALE SPORTS CO. Cash Budget January, February, and March 2020 January February Beginning cash balance $ 35,500 $ 53,080 Cash receipts from customers 221,000 675,530 Total cash available 256,500 728,610 Cash payments for: Merchandise 65,000 298,800 Sales commissions 72.800 95,200 Sales salaries 5.000 5,000 General & administrative salaries 13,000 13,000 Maintenance expense 1,900 1,900 Purchases of equipment 33,600 98,400 Purchase of land Taxes payable Interest on bank loan 91,000 120.400 5.000 13,000 1,900 19,200 155,000 89,000 512,300 216,310 494,500 196,550 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 191,300 65,200 (12.000) 53,200 $ $ 216,310 $ 196,550 March Loan balance January s 12,000 (12.000) February $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month