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SCENARIO 1 Name of your Company Budgeted Income Statement For the Three Months Ending June 30, 202X Sales in units (Memo) Sales dollars Less variable expenses Cost of Goods sold at $ per unit Commissions \$ per unit Contribution Margin Less fixed expenses Wages Utilities Insurance expired Depreciation Miscellaneous Net operating income Less interest expense* Net income SCENARIO 1 Name of your Company Budgeted Balance Sheet June 30,202X Cash AR Inventory units at $ per unit Unexpired insurance Fixed assets, net Total Assets Liabilities \& Equity AP Interest Payable Dividends payable Notes payable-bank Capital Stock, no-par Retained Earnings Total Liabilities \& Equity 189 190 Contribution Margin and BEP 191 192 Unit Sales price 193 Unit Purchase price 194 Unit Sales Commissions 195 Unit Contribution Margin 196 197 Fixed Costs for three month period 198 Wages 199 Utilities 200 Insurance expired 201 Depreciation 202 Miscellaneous 203 Total Fixed Costs 204 205 206 Break Even Point: 207 Fixed Costs/Unit CM BEP units 208 Fixed Costs/CM\% BEP dollars 209 210 You will complete all tasks listed below for the original facts above...this will be Scenario 1. Then you will repeat the entire process for Scenario 2. This second scenario will show what would happen if there was an increase of 20% (twenty percent) in the number of units sold. This is essentially a flexible budget. You need to prepare a Master Budpet for the Brar, Raajan Co. The company has an exclusive rioht to sel Magnetic Marvels and silles have been brisk. The Masler Budget will be for the next Evee months stafing Aoril 1. The following information is avalable related to the tudget. The company needs to maintain a minimum cssh balance at the end of avery month in the amount of $15.000. The Marvels are focecasted to sell at fi27 each. Recent actual and projected sales (in units) are as folloas In order to mest the product demand, the company has establinhed a policy requiring that ending ieventory for each month must be equal is 90 s of the units expected to sold it the next mont. The cost to purduste each unit of produet is $16. Purchases are typically paid for as follows: 50% paid in the month ef furchase. and the remaining 50% paid in the month afler purthase. Al soles are on crest. with no discount, and payable within 15 day. The corpany/s collectont en acoount usually are 25=5 in the month of sale, 50% in the month immeciately after the sale, and 25% in the second morth afmer sale. The pompary has a vory noovous credif pobiy and there are vitually no bad debts The comparyys cperating expenses are showh below: All operasing expenses are paid during the month, in cash, with the evceptec of depreciefion and insurance expired. New fxed ansess wit be furchesed during May for $30,000. The company declares dividends of $16,000 each quarter, payable in the frst month of the following cuacher. "Accounts receivable comsists of $486,000 from Fotaruary adies and $1,701,000 from March Sales. Use these numbers for bech scenarios. * Use this same March onding inventory number for beth scenariet. The comparry has a good nelationship with its bank and can benow morky at a 10% annual rate at any time and in amy amount. Mir bonowing and regayments must be mage at the end of the moneh. When the cempany is ceady to make a poyeneet. all unpaid interest mut be paid fint Aher the Brar. Raaian Co.'s Balance Sheet at March 31 is as follows. *Accounts receivable consists of $486,000 from February sales and $1,701,000 from March Sales. Use these numbers for both scenarios. The company has a good relationship with its bank and can borrow money at a 10% annual rate at any time and in any amount. All borrowing and repayments must be made at the end of the month. When the company is ready to make a payment, all unpaid interest must be paid first. After the unpaid interest is paid, then principal can be repaid as long as the minimum cash balance is maintained. You need to peepave a Master Budget for the Brar, Raajan Co. The company has an exolusive right to sell Magnetc Marvels and siles have been brisk. The Masler Budget will be for the next tevee months stasing Asri 1. The following information is avalable nelated to the budget. The company needs to maintaih a minimum cash balance at the end of every month in the amount of 515,000 . The Marvels are forecasted to sell at 527 each. Recent actual and projected sales (in units) are as follows In order to meet the product demand, the compary tas established a policy requiring that ending imentory for each month must be equal is 90 s of the units expected to sold it the next mact. The cost to purchate each unit of jroduct is $16. Purchases are typically paid for as follows. 50\% paid in the month of purchase. and the remaining 50% paid in the month aller purchase. All sales are on credt. with no discount, and payable within 15 day. The carganyls collectons en acoount usually are 25= in the month of sale, 50% in the month immeciatily after the sale, and 25% in the second month afirt sale. The pomeany has a very tigorvus credi pobicy and there are vitusly no bad dects The company's cperating expenses are shown betow: All cperasing expenses are puid during the month, in cash, with Be exceptice of deprecition and insurance expired. New fxed ansess will be furchesed during May for $30,000. The company declares dividends of $16,000 each quarter, payable in the frst month of the following guarter. "Accounts receivable consists of $486,000 from Fetaruiry sales and \$1,701,000 from March Sales. Use these numbers for boch scenarios. an Use this same March ending inventory number for beth scenariot. The compariy has a good nelationship with is bank and can benow morey at a 10\% annual rate at any time and in amy amount. Mer bonowing and regaymerts must be made at the end of the month. When the cempany is ready to make a poyment. all unpaid interest must be paid frat Ahur the You will complete all tasks listed below for the original facts above...this will be Scenario 1. Then you will repeat the entire process for Scenario 2. This second scenario will show what would happen if there was an increase of 20% (twenty percent) in the number of units sold. This is essentially a flexible budget. Brar, Raajan Co. Budgeted Income Statement For the Three Months Ending June 30, 202X Sales in units (Memo) Sales dollars Less variable expenses Cost of Goods sold at $ per unit Commissions $ per unit Contribution Margin Less fixed expenses Wages Utilities Insurance expired Depreciation Miscellaneous Net operating income Less interest expense* Net income SCENARIO 1 Name of your Company Budgeted Balance Sheet June 30,202X Cash AR Inventory units at $ per unit Unexpired insurance Fixed assets, net Total Assets Liabilities \& Equity AP Interest Payable Dividends payable Notes payable-bank Capital Stock, no-par Retained Earnings Total Liabilities \& Equity SCENARIO 1 Name of your Company Budgeted Balance Sheet June 30,202X Cash AR Inventory units at $ per unit Unexpired insurance Fixed assets, net Total Assets AP Liabilities \& Equity Interest Payable Dividends payable Notes payable-bank Capital Stock, no-par Retained Earnings Total Liabilities \& Equity 189 190 Contribution Margin and BEP 191 192 Unit Sales price 193 Unit Purchase price 194 Unit Sales Commissions 195 Unit Contribution Margin 196 197 Fixed Costs for three month period 198 Wages 199 Utilities 200 Insurance expired 201 Depreciation 202 Miscellaneous 203 Total Fixed Costs 204 205 206 Break Even Point: 207 Fixed Costs/Unit CM BEP units 208 Fixed Costs/CM\% BEP dollars 209 210 Brar. Raaian Co.'s Balance Sheet at March 31 is as follows. *Accounts receivable consists of $486,000 from February sales and $1,701,000 from March Sales. Use these numbers for both scenarios. The company has a good relationship with its bank and can borrow money at a 10% annual rate at any time and in any amount. All borrowing and repayments must be made at the end of the month. When the company is ready to make a payment, all unpaid interest must be paid first. After the unpaid interest is paid, then principal can be repaid as long as the minimum cash balance is maintained