i) The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the beginning of the month, up to a total of $40,000. The company will pay as much of its loan as possible (in increments of $1,000 ) without going below its minimum cash balance. Interest is paid monthly. Comprehensive Case - Budgeting.xlsx This is the end of your assignment. Ensure you save it as CB203 Budget Assisgnment (your name) Instructions: This is your Comprehensive Assignment - Budgeting based on Chapter 7 It is out of 100 marks and is weighted at 15% of your final grade. Enter your data in the yellow highlighted fields only. DO NOT add or remove any rows or columns (marks will be deducted). Marks are based on the accuracy of computations and calculated outcomes only. See Rubric. Outcomes will be based on your own data inputs. Drop this completed spreadsheet into the appropriate submission box in Assignments in Canvas, by the due date and time. 0FortheQuarterendedSeptember20XXCOMPANY STEP 1: This is your Income Statement. Once complete ensure the numbers make sense for the remaining steps. (8 marks) \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Budgeted Monthly Absorption Costing Income Statement } \\ \hline & July & August & September & October \\ \hline Sales & $75,000.00 & $0.00 & 568,000.00 & $0.00 \\ \hline Cost of Goods Sold & $24,800.00 & $40,800.00 & $30,800.00 & $27,800.00 \\ \hline Gross Margin & $50,200.00 & $40,800.00 & $37,200.00 & $27,800.00 \\ \hline Selling and Administrative & & & & \\ \hline Selling Expense & $7,800.00 & $10,100.00 & 58,700.00 & $7,500.00 \\ \hline Administrative Expense* & 50.00 & 57,400.00 & 50.00 & $6,100.00 \\ \hline Total Selling and Administr & & & & \\ \hline Net Operating Income & & & & \\ \hline \end{tabular} STEP 2: Using the following data in sections a), b) and c) complete the Schedule of Expected Cash Collections Use cell references and formulas wherever possible: (22 marks) \begin{tabular}{|c|r|r|} \hline a) Cash/Credit Sales & \multicolumn{2}{|c|}{} \\ \hline \multirow{2}{*}{ Sales } & Paid in Cash & Paid on Credit \\ \cline { 2 - 4 } & & 30%60% \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline c) Q2 Sales are as follows: \\ \hline May & June \\ \hline$32,000 & $38,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Schedule of Expected Cash Collections } \\ \hline & July & August & September & Quarter Total \\ \hline From Cash Sales & & & & \\ \hline Credit Sales: & & & & \\ \hline From May credit sales & & & & \\ \hline From June credit sales & & & & \\ \hline From July credit sales & & & & \\ \hline From August credit sales & & & & \\ \hline From September credit sales & & & & \\ \hline Total Cash Collections & & & & \\ \hline \end{tabular} STEP 3: Using the following data in sections d) and e) complete the Merchandise Purchases Budget. Use cell references and formulas wherever possible (9 marks): 49F Mostly cloudy Q Q Search