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Hilyard Company, an offic" supplies specialty store, propres ns master budget-n quartety basis The following dsta have been assembled to assist in preparing the master budget for the first quarter s. As of December 31 the end of the prior quarter), the company's general ledger showed the folawing 21,600 352,600 b. Actuel sales for December and budgered sales for the next four monons are a ollows prti c sales are 20% ror casn and 80% on credit A1 payreres on credit sales ae collected the month following sale The accounts recevable a December 31 are a resalt of December creda sales d. The company's goss margin is 40% of sales.n orer words, cost of goods sold is 60% or sales) e. Monttly expenses are budgenedd as follows: salaries and oages, Si7000 per mom: advertising. 557000 per monh; shipping. 5%of sales: otterexpenses, 3% or sales Depreciation, induding dlepreciation on new assens acquired during the quaner, will be 542.420for the quamer t Each moth's ending inventory should equal 25% of the following month's cost of goods sold. g One-half of a month's inventory purchases is paid for in the month of purchase the other hair is paid in the following month h. During February, the campany w Puerese a new eepy machine for $1.200 cash. During March, other equpment oill be purchased for cash at cost of S71.000. During January, the company wil declare and pay $45000 In cash duidends Management wants to martain a minimum cash balance f $30000 The compaty has an agreement wth locai b nk that zilows thcorp my to borrow n increments of $1,000 t the beginning of each month. The interest rate on these loans isper month nd for simaliry we wa assume that interes,e is not compounded Thcompany would. as far as it able, psy tht loan plus accumulated Interest at the end of the quarte: Using the data above,complete the following statements and schedules for the irst quarter Schedale of expected cash collections 2-a. Merchandise purchases buiget 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget Prepare an absorpeon cosing income seatement for the quarter ending March 31 5 Preoar balance sheets of March 31, 5 85,125 261,750 1308 Total cash dsbusements for gurchases Cash Badget 42oD 279000 321400 Less cash disbursements 216600 104560 Seiing and admnistsive expnees 356560 (4556 Excess (deficiencyl of cash Repayments Endng cash balace (4556 Current esse Hilyard Company, an offic" supplies specialty store, propres ns master budget-n quartety basis The following dsta have been assembled to assist in preparing the master budget for the first quarter s. As of December 31 the end of the prior quarter), the company's general ledger showed the folawing 21,600 352,600 b. Actuel sales for December and budgered sales for the next four monons are a ollows prti c sales are 20% ror casn and 80% on credit A1 payreres on credit sales ae collected the month following sale The accounts recevable a December 31 are a resalt of December creda sales d. The company's goss margin is 40% of sales.n orer words, cost of goods sold is 60% or sales) e. Monttly expenses are budgenedd as follows: salaries and oages, Si7000 per mom: advertising. 557000 per monh; shipping. 5%of sales: otterexpenses, 3% or sales Depreciation, induding dlepreciation on new assens acquired during the quaner, will be 542.420for the quamer t Each moth's ending inventory should equal 25% of the following month's cost of goods sold. g One-half of a month's inventory purchases is paid for in the month of purchase the other hair is paid in the following month h. During February, the campany w Puerese a new eepy machine for $1.200 cash. During March, other equpment oill be purchased for cash at cost of S71.000. During January, the company wil declare and pay $45000 In cash duidends Management wants to martain a minimum cash balance f $30000 The compaty has an agreement wth locai b nk that zilows thcorp my to borrow n increments of $1,000 t the beginning of each month. The interest rate on these loans isper month nd for simaliry we wa assume that interes,e is not compounded Thcompany would. as far as it able, psy tht loan plus accumulated Interest at the end of the quarte: Using the data above,complete the following statements and schedules for the irst quarter Schedale of expected cash collections 2-a. Merchandise purchases buiget 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget Prepare an absorpeon cosing income seatement for the quarter ending March 31 5 Preoar balance sheets of March 31, 5 85,125 261,750 1308 Total cash dsbusements for gurchases Cash Badget 42oD 279000 321400 Less cash disbursements 216600 104560 Seiing and admnistsive expnees 356560 (4556 Excess (deficiencyl of cash Repayments Endng cash balace (4556 Current esse
