if someone could help me fill these in thst would be appreciated.i did most of the work on my own but i want to ensure my numbers are right because im stuck.

9% Back Budget Spreadsheet Assignment.docx Acct 205: Managerial Accounting Budget Spreadsheet Assignment (SLO #2 Assessment) excel CASE 9-30 Master Budget with Supporting Schedules [LO2, L04, LOB, LOS, LO10 You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price-$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): 30.000 January (actual) 20,000 June (budget) 50,000 February (actual) 26,000 July (budget) March (actual). 40.000 August (budget) 28.000 April (budget) 65.000 September (budget). 25,000 May (budget). 100,000 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $4 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: 4% of sales Variable Sales commissione Fixed: Advertising M Rent Salarios Utilities Insurance Depreciation $200,000 $18,000 $100,000 $7.000 $3,000 $14,000 Insurance is paid on an annual basis, in November of each year, The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter, A listing of the company's ledger accounts as of March 31 is given below: Assets S 74,000 Cash Accounts receivable (526,000 February sales. $320,000 March sales). Inventory Prepaid insurance Property and equipment (net) Total assets 346.000 104.000 21,000 950.000 $1,495.000 Liabilities and Stockholders' Equity Accounts payable Dividends payable Capital stock Retained earings Total abilities and stockholders' equity $ 100.000 15.000 800.000 580.000 $1,495,000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1.000), while still retaining at least $50,000 in cash. Inventory Prepaid insurance Property and equipment (not) Total annet 104.000 21.000 950.000 $1.405,000 Liabilities and Stockholders' Equity Accounts payable Dividendi payable Capital stock Retained earings Total abilities and stockholders' equity $ 100,000 15,000 800.000 580.000 $1.495.000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month any repayments are made at the end of a month The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $50,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets a. A sales budget, by month and in total, b. A schedule of expected cash collections from sales, by month and in total, c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total d. A schedule of expected cash disbursements for merchandise purchases, by month and in total 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach 4. A budgeted balance sheet as of June 30. Requirement 3: EARRINGS UNLIMITED Budgeted Income Statement For the Three Months Ending June 30 Sales in units Sales Variable expenses: Cost of goods sold Commissions Contribution margin Fixed expenses: Advertising Rent Salaries Utilities Insurance Depreciation Net operating income Less interest expense Net income EARRINGS UNLIMITED Budgeted Balance Sheet June 30 Assets Cash Accounts receivable Inventory Prepaid insurance Property and equipment, net Total assets Liabilities and Equity Accounts payable, purchases Dividends payable Capital stock, no par Retained earnings Total liabilities and equity Accounts receivable at June 30: May sales June sales Total Retained earnings at June 30: Balance, March 31 Add net income Total Less dividends declared Balance, June 30