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Problem no. 4 - Master Budgets Wild Wood Company's management asks you to prepare its master budget using the following information. The budget is to cover the months of April, May, and June of 2013. Additional Information 1. Sales for March total 10,000 units. Each month's sales are expected to exceed the prior month's results by 5%. The product's selling price is $25 per unit. 2. Company policy calls for a given month's ending inventory to equal 80% of the next month's expected unit sales. The March 31 inventory is 8,400 units, which complies with the policy. The purchase price is $15 per unit. 3. Sales representatives' commissions are 12.5% of sales and are paid in the month of the sales. The sales manager's monthly salary will be $3,500 in April and $4,000 per month thereafter. 4. Monthly general and administrative expenses include $8,000 administrative salaries, $5,000 depreciation, and 0.9% monthly interest on the long-term note payable. 5. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale). 6. All merchandise purchases are on credit, and no payables arise from any other transactions. One month's purchases are fully paid in the next month. 7. The minimum ending cash balance for all months is $50,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. 8. Dividends of $100,000 are to be declared and paid in May. 1 9. No cash payments for income taxes are to be made during the second calendar quarter. Income taxes will be assessed at 35% in the quarter. 10. Equipment purchases of $55,000 are scheduled for June. Required Prepare the following budgets for each month and quarter and other financial information as required: 1. Sales budget, including budgeted sales for July. 2. Purchases budget, the budgeted cost of goods sold for each month and quarter, and the cost of the June 30 budgeted inventory. 3. Selling expense budget. 4. General and administrative expense budget. 5. Expected cash receipts from customers and the expected June 30 balance of accounts receivable. 6. Expected cash payments for purchases and the expected June 30 balance of accounts payable. 7. Cash budget. 8. Budgeted income statement for the quarter ended June 30, 2013 9. Budgeted statement of retained earnings for the quarter ended June 30, 2013 10. Budgeted balance sheet as of June 30, 2013 PLANNING THE SOLUTION Prepare the selling expense budget. Prepare the general and administrative expense budget. Determine the amounts of cash receipts in each month. Determine expected cash payments Prepare the cash budget by combining the given information and the amounts of cash receipts and cash payments on account that you computed. Complete the cash budget for 2 each month by either borrowing enough to raise the preliminary balance to the minimum or paying off short-term debt as much as the balance allows without falling below the minimum. Show the ending balance of the short-term note in the budget. Prepare the budgeted income statement by combining the budgeted items for all three months. Determine the income before income taxes. Prepare the budgeted statement of retained earnings Prepare the budgeted balance sheet includes updated balances for all. Amounts for all asset, liability, and equity accounts can be found either in the budgets, other calculations, or by adding amounts found there to the beginning balances. 3