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5 Hillyard Company, an office supplies specialty store prepares its faster budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter 10 bits As of December 31 he end of the prior quarter), the company's general ledger showed the following account balances Skipped Book Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Connon stock Retained earnings $ 52,000 209,600 59,550 362,000 5 88,725 500,000 94,425 $683,150 $583, 150 Reference b. Actual sales for December and budgeted sales for the next four months are as follow December (actual)5262,000 January $397,000 February $594,000 March $388,000 April 5205,000 Sales are 20% for cash and B0on credit Alpens on credit sies are collected in the month following the accounts receivable at December are result of December credit sales d The company's grous margins 40of sales in other words, cost of goods sold son of Monthly expenses are budgeted as follow salaries and wages $27.000 per month advertising. 557.000 per mon Shring. Sofas other expenses of sales Depreciation, including depreciation on news Each mors ending inventory should equal 25% of the following month's cost of goods sold One of a month's Inventory purchases is paid for in the month of purchase the other has in the following month During February the company will purchase a new copy machine for $2.200 cash During Machinerent During January, the company wil declare and pay $45.000 inch dividende Management were to maintain a minimum balance of $30.000 The company has an agreement was bank allows the company to bomow increments of $1000 the beginning of each month The these per month and for my wewne that is not compounded. The company far as they things come interest at the end of the Nord Using the date show.complete the following statement and schedules for the starter t Schedule of expected cash collection 2 Merchandise purchases budget 3 Schedule of cash teens forhanden Proton costing income to the ending Mer Superbes of March Complete this question by entering your answers in the tabs below Required Required Required Required Required Required 2A 20 4 5 Complete the Schedule of expected cash collections Schedule of Expected Can Collections January February March Quarter Cases 79.450 73400 CS 20760 Tots 2000 os 289.000 Bered 2A > 07 balances 10 points Skloped Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 52,000 209,600 59,550 362,000 $ 88,725 500,000 94,425 $683.150 5683, 150 Book Reference b. Actuales for December and budgeted sales for the next four months are as follows December(actual) $262.000 January $397,000 February $594,000 March $388,000 April $285,000 Sales are 20%. for cash and Box on cred. All payments on credit sies are collected in the month following sa The accounts receivable December 31 are result of December credit sales The company's gross margin is 40% of sales in other words, cost of goods sold is 60% of sales Monthly expenses are budgeted as follow salaries and wages. $27,000 per month advertising 557.000 per month thing of sales other expenses of sales Depreciation, including depreciation on would Each month's ending inventory should equal 25% of the following month's cost of goods sold One half of months inventory purchases is paid for in the month of purchase the other halfpad in the following month During February, the company will purchase a new copy machine for $2.200 cash. During March other equipment will be purchased for cash at a cost of $75,000 During January the company will dectare and pay $45.000 in cash dividends Management wants to maintain a minimum cash balance of $30.000 The company has an agreement with a local bank that willows the company to borrow in increments of $400 at the beginning of each month. The interest these los per month and for simplicity we will me that rest is not compounded. The company would for assable, repay the loan plus accumulated interest at the end of the quartet --- Required Using the data above, complete the following statements and schedules for the first quarter 1 Schedule of expected cash collections 2. Merchandise purchases budget 26. Schedule of expected cash distrements for merchandise durch Cashbudget 4. Prepare an option costing Income statement for the currending March 5. Prepare able whes of March Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required 2A 25 3 4 5 Complete the merchandise purchases budget. Merchandise Purchase Budget January February March Quarter Budgeted cost of $238.200" S poods sold 356 460 Ado desired ending Inventory 30.00 Totalreeds 327 300356.400 0 Les beginning 59.550 inventory Regard purchase 3 $ 2677355.400 05 o "3307,000 S80 5235.00 ITSM 400,00 Required Required 20 > 07 As of December the end of the prior que me company's general ledger showed the following account Balances po Sloped Cash Book Accounts receivable Inventory Buildings and equipment (net) Accounts payable Connon stock Retained earnings $ 52,000 209,600 59.550 362.000 $ 88,725 500.000 94.425 5683,150 $683,150 Reference Actual sales for December and budgeted sales for the next four months are as follows December(actual)5262,600 January $397,000 February 5594,000 March 5.300,000 April $205,000 Sales are 20% for cash and Bont Altants on credite sreding The accounts receivablet December rest of December credits d. The company's gros merginis 40% of another words, cost of goods soldoso) Monthly expenses are budgeted as followers and wages $27.000 per month advertising. 557.000 Shipping of other of sales Deportion Induding record during the quanti be $44.020 for the Each monthsanding inventory should equal 25% of the following cost of goods One of a man's inventory purchase is paid for the mom of purchase the month During February the company will purchase a new copy machine for $2.200 cash During will be purchased for cash cost of $75.000 During January, the company declare and per 545.000 in cash didende Management want to main cash balance of $30,000. The compagnement ankthat the company to borrow in increments of $1000 the beginning of each more. The these fons per month and formidy wewe that internet compounded. The com rastis you could the end of the Required Und become the following the forest 1 Schedule of collection 2. Merchandises budget 2- Schede expected cash disbursements for more dhe 3. Cashbudget 4. Peran broncoding incommoding March 5. Preness of March Complete this question by entering your answers in the tabs below. Required Required Required Required fired Recured 1 2 28 Complete the schedule of expected cash disbursements for merchandise Bel of peed Cash Disbursement for Merchant January March Quarter December purcha $ 2725 58.725 Jauh 13816133575 2015 corary purchases March purchase Tomato purchase 5 222 500 2315 5 Red 07 Actual sales for December and budgeted sales for the next four months are as follow 10 points Skoped December (actual15262,000 January $397,000 February 5594.000 March $300,000 April $205,000 eBook Reference Sales are 20% for cash and 80% on Credit All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales The company's gross margin is 40% of sales. In other words, cost of goods sold is 60% of sales) e. Monthly expenses are budgeted as follows: salaries and wages. $27,000 per month advertising. 567000 per month shipping, of sales other expenses of sales Depreciation, including depreciation on new assets acquired during the quarter will be $44.020 for the quarter Each mont's ending inventory should equal 25% of the following month's cost of goods sold One-half of a month's inventory purchases is paid for in the month of purchase the other has paldies the following month During February, the company will purchase a new copy machine for $2.200 cash. During the equipment will be purchased for cash at a cost of $75,000 During January, the company will declare and pay $45.000 in cash dividends Management wants to maintain a minimum cash balance of $30.000 The company has an agreement with local bank that wows the company to borrow in increments of $100 the beginning of each month. The interest raten these loans i per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able repay the loo plus accumulated interest at the end of the Required Using the data above, compute the following statements and schedules for the first quarter 1 Schedule of expected cash collections 24 Merchandise purchases budget 26. Schedule of expected cash disbursements for merchandise purchases 4 Precerte an absorption costing income statement for the quarter ending March 31. S. Prepare a balance sheet as of March Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required 2A 28 5 Complete the cash budget.(Cash deficiency, repayments and interest should be indicated by a minus sign) Hillyard Company Cash Budget January Februar March Quartar Beginning cash balance $ 52000 Add collections from customers 289 000 Totat cash va 341.000 0 0 Les cah dibumen Inventory purchases 222.000 Sening and administrative perces 125.760 Equipment purchase Cash dhe 45.000 290380 O Englash 052350 0 0 Being Remont Interest Totafog 0 Ending cash balance 515S OS OS 0 Finang O 0 Chat 5 ALS paya Common stock Retained earnings 0,12 500.000 90.425 5683,150 $653, 150 10 point Skloped Actual sales for December and budgeted sales for the next four months are as follows Book December (actua 15262,000 January 5397,000 February 5594.000 March $300,000 April $25,000 Reference Se me 20% for cash and 80% Alpayment secolected in the accounts receivable at December 31 are rest of December credit d. The company gross margins 40% of sales. In other words, colof goods sold is cos of Monthly expenses are budgeted as follows and was $27.000 per month ag 552000 per mon hing 5% of other expense of sales Depto including decision on during weet welbe S4020 for the Each mois ending Inventory should equal 25% of the following cost of goods One for a montowy purchase is paid for in the more of purchase the theoretong n. During February me company will have a new copy machine to $2,200 cm. During er en mon During Meragaman wanita mattina imum chance of $20.000 The company has grown the company wil declare and pay $45.000 cash videos hank that the company to borrow in rements of the ring och or The these fois i per month and for my we will there is not compounded the company for a ti te repay the loan phun med rest at the end of the que Uruire the data bow.complete the following umarts and cheestore 1 Schedule of expected cash collection 2 Merchandie Durchs hudget 26 Scheel speech disbursements for merchandise 4. Prepare an absorption conting income statement to the ending Mac 5. Prepare balance sheets of March 31 Complete this question by entering your answers in the tabs below. Required required Required Required Required Required 2A Prepare an absorption costing income statement for the quarter ending March Pilar Company Income For the Quarter Entrat Coat of goods to Being and write 07 b. Actual sales for December and budgeted sales for the next four months are as follows 10 points December(actual)$262.000 January $397,000 February $594.000 March $300,000 April $205.000 Skoped eBook Reference Sales are 20% for cash and B0on Credit At payments on credit sales are collected in the month following sale. The accounts receivable at December 31 me a result of December credit sales d. The company's gross margins 40% of sales in other words, cost of goods sold is Goxofes Monthly expenses are budgeted as foliow salaries and wages $27.000 per month advertising. 567000 per month shipping, of other expenses of sales Depreciation, including depreciation on new assets scored during the quarter will be $44020 for the quarter Each mont's ending inventory should equal 25% of the following month's cost of goods sold 0. One of a mont's inventory purchases is paid for in the month of purchase the other half is paid in the following month During February, the company wil purchase a new copy machine for $2.200 cash. During March, other equipment will be purchased for cash at a cost of $76,000 During January, the company will declare and pay $45.000 in cash dividende Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local banket sllows the company to borrow in increments of S1000 the beginning of each month. The interest rate on these loans i per month and for simplicity we will assume that interests not compounded. The company would as far as it is able topay the loan plus accumulated interest the end of the quarter Required: Ung the date above complete the following statements and schedules for the first quarter 1 Schedule of expected cash collections 2. Merchandise purchases budget 26. Schedule of expected cash disbursements for merchandise purchases 1. Prepare an absorption coming income statement for the cuaner ending March 31 5. Prepare a balance sheet as of March Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required 1 2A 28 Prepare a balance sheet as of March 31. Hanyard Company Balance Sheet March Assets Current Total current Total 5 Les and Stockholders' Equity Current Scandy Total at and ders 1 0