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binders, paper, and other school supplies. The company is Check my work planning its cash needs for the third quarter. In the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials, 2. Prepare the following for merchandise inventory: which occur during August. The following information has potres been assembled to assist in preparing a cash budget for a. A merchandise purchases budget for July, August, and the quarter: September. JANUS PRODUCTS, INC. 3. Budgeted monthly absorption costing income statements Merchandise Purchases Budg for July to October are as August September Budgeted cost of goods sold 44400 $ 32.400 Add: Desired ending inventory 33.300 24.309 22.050 Total needs 59.700 68.700 cost of goods sold Deduct Beginning inventory 21.060 33,300 12.400 Budgeted cost of goods sold 38,700 35400 30,150 selling and administrative expenses selling expense 2:108 7:306 tal selling and administ Net operating income *Includes $2,300 depreciation each month. 0. Sales are 20% for cash and 80% on credit. b. A schedule of expected cash disbursements for c. Credit sales are collected over a three-month period, merchandise purchases for July, August, and September with 10% collected in the month of sale, 70% in the month and for the quarter in total. following sale, and 20% in the second month following sale. May sales totalled $36,000, and June sales totalled JANUS PRODUCTS, INC. $42,000. Schedule of Expected Cash Disbursements 1. Inventory purchases are paid for within 15 days. Alaguint September Quarter Accounts payable, June 30 14.700 Therefore, 50% of a month's inventory purchases are July purchases 19,350 paid for in the month of purchase. The remaining 50% 17,700 17:700 15.075 are paid in the following month. Accounts payable for Total cash disbursements 34,050 $ 37,050 $ 32.775 $ 103.875 inventory purchases at June 30 total $14,700. e. The company maintains its ending inventory levels at 75% of the cost of the merchandise to be sold in the following month. The merchandise inventory at June 30 is $21,000. f. Land costing $4,800 will be purchased in July. 3. Prepare a cash budget for July, August, and September J. Dividends of $1,300 will be declared and paid in and for the quarter in total. (Roundup "Borrowing" and September. "Repayments" answers to the nearest whole dollar . The cash balance on June 30 is $8,600; the company amount. Any "Repayments" and "Interest" should be must maintain a cash balance of at least this amount at indicated by a minus sign. Leave no cells blank - be the end of each month. certain to enter "0" wherever required.) i. The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the JANUS PRODUCTS, INC. beginning of each month, up to a total loan balance of Cash Budget $40,000. The interest rate on these loans is 1% per For the Quarter Ended September 3 month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, 8.600 repay the loan plus accumulated interest at the end of the quarter. Required: 1. Prepare a schedule of expected cash collections for July, Total disbursements August, and September and for the quarter in total. acess (deficiency) of cash available over disbursements JANUS PRODUCTS, INC. Schedule of Expected Cash Collecti July August Cash sales 9.200 $ 15.200 9 11,200 $ 35 Total financing Credit sales