Johnny is owner, AJC, an Income Statement and Balance Sheet for Set-up - June. You can not do July because you need one leading month. You are shown an extract of the cash budget and a set of assumptions.March- June

March April May June July 15,972.00 13,200.00 6,600.00 14,520.00 7,260.00 3,993.00 7,986.00 12,000.00 6,000.00 3,300.00 5,000.00 3,630.00 Budgeted Sales: Johnny's Big Dadd' Rose Bowl Experience Terminator Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total Revenue Cash Sales -30% of Total Sales Credit Sales - 70% of Total Sales 4,392.30 5,500.00 6,050.00 6,655.00 +26,300*3 28,930X.3 +26,300.7 26300*.3 28,930x.3 Total Sales Cash Sales Credit Sales lag 1 Credit Sales lag 2 Total Cash Receipts 26,300x.2.7 (28,930x.7x.7 (26,300x.7 x 25 (12,000/(mu+1)x2 13,200... Ending Inventory: Johnny's 'Big Dadd' Rose Bowl Experience Terminator Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total Ending Inventory (12,000/(mu+1) Sales Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total amount of Sales (12,000/(mu+1)x2 Beginning Inventory: Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Justin Beaver' Dance Off Johnny's Awesome Burger Total Beginning Inventory Budgeted Purchases: Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Tiger Putt Putt Johnny's Awesome Burger Total Budgeted Purchases Cash Payments Inventory A/P lag 1 Inventory A/P lag 2 Total Cash Payments Inventory Fixed Expenses Budget PP&E Purchases Total PP&E Loan Payment Total Payments for Fixed Note Payable Owner Contribution Total Cash Collections Total Cash Payments for Inventory Total Cash Payments for Inventory Change in Cash Beginning Cash nding Cash Balance Johnny Rose collection experience has shown that 70% of the clients purchasing on credit pay in the month following the purchase and 25% pay for their purchases in the second month following purchase. AJC estimates that 5% of Credit sales are uncollectible. Johnny Rose Inventory Assumptions is 20% of next month's sales for Johnny's 'Big Daddy' Rose Bowl 30% of next month's Sales for Terminator Laser Tag No Beginning inventory needed for 'Beaver Dance Off 80% of next month's Sales for Awesome' Burger Johnny Rose inventory supplier requires 10% down (paid in the month of purchase), then 80% of the remaining balance, after 30 days, and the remainder 60 days after the purchase. Johnny Rose Markup Assumptions are: Big Daddy' Rose Bowl Showdown 500% Terminator Laser Tag 350% Justin Beaver Dance Off 400% Awesome Johnny Rose - Burger 40% Johnny Rose owner (AJC) contributed $300,000 of their own savings to finance the business. Johnny Rose also borrowed 30,000 from Ulaneo - Amortization table shown below. Loan was initiated 4/1 and first payment made on 5/1. Beginning Ending Month Balance Payment Principal Interest Balance April 30000 579.98 429.98 150 29570.02 May 29570.02 579.98 432.13 147.85 29137.89 June 29137.89 579.98 434.29 145.69 28703.6 July 28703.6 579.98 436.46 143.52 28267.14 Johnny Rose also had the following transactions; Justin Beaver Disco Room (7 year useful life - Paid in month 2nd month following) $42,250 April Kitchen Equipment (8 year useful life - Paid in the month following acquisition $52,600 April Laser Tag Facility 4 year useful life - Paid in the 3rd month after acquisition) $28,400 April Football Simulator Rose Bowl experience' (10 year useful life Paid in the month after acquisition) S45,000 May Patent Expense for the weather couch (not transferable - paid in the month incurred)_$ 4,000 March Johnny Rose also had the following transactions; Justin Beaver Disco Room (7 year useful life - Paid in month 2 month following) $42,250 April Kitchen Equipment (8 year useful life - Paid in the month following acquisition) $52,600 April Laser Tag Facility (4 year useful life - Paid in the 3rd month after acquisition) $28,400 April Football Simulator Rose Bowl experience' 410 year useful life Paid in the month after acquisition) S45,000 May Patent Expense for the weather couch (not transferable - paid in the month incurred)_$ 4,000 March Supplies Expense = 15% of Current Month Sales paid in 2nd month following incurrence. Rent (Always paid in advance - two months before use) $1400 March $1800 April $1900 May $1000 June $2000 July $1800 August $1500 September $1800 October $900 March $600 April $700 May $800 June $1300 July $1400 August $800 September Truck Lease (paid in the second month after their use) Wages (paid in the month of occurrence) $2200 March $2300 April $1900 May $1700 June $2300 July $1800 August $1400 September Super Meal Expense w/super dust (paid in 2-d month after) $1400 March $900 April $700 May $500 June $400 July $500 August $1000 September $8,500 Insurance (pre-paid for 12-months in advance in March) Commissions -12% of Sales (Paid Quarterly beginning in June) Talent Agent Expense (paid in the month 2-1 month after their use) 12% of Sales $900 March $500 April $600 May $1000 June $1800 July $1700 August $1200 September Royalties (Pre-Paid Quarterly-beginning in May) $6,000 (every 3-months) March April May June July 15,972.00 13,200.00 6,600.00 14,520.00 7,260.00 3,993.00 7,986.00 12,000.00 6,000.00 3,300.00 5,000.00 3,630.00 Budgeted Sales: Johnny's Big Dadd' Rose Bowl Experience Terminator Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total Revenue Cash Sales -30% of Total Sales Credit Sales - 70% of Total Sales 4,392.30 5,500.00 6,050.00 6,655.00 +26,300*3 28,930X.3 +26,300.7 26300*.3 28,930x.3 Total Sales Cash Sales Credit Sales lag 1 Credit Sales lag 2 Total Cash Receipts 26,300x.2.7 (28,930x.7x.7 (26,300x.7 x 25 (12,000/(mu+1)x2 13,200... Ending Inventory: Johnny's 'Big Dadd' Rose Bowl Experience Terminator Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total Ending Inventory (12,000/(mu+1) Sales Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Total amount of Sales (12,000/(mu+1)x2 Beginning Inventory: Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Justin Beaver' Dance Off Johnny's Awesome Burger Justin Beaver' Dance Off Johnny's Awesome Burger Total Beginning Inventory Budgeted Purchases: Johnny's 'Big Dadd' Rose Bowl Experience Terminator' Lazer Tag Tiger Putt Putt Johnny's Awesome Burger Total Budgeted Purchases Cash Payments Inventory A/P lag 1 Inventory A/P lag 2 Total Cash Payments Inventory Fixed Expenses Budget PP&E Purchases Total PP&E Loan Payment Total Payments for Fixed Note Payable Owner Contribution Total Cash Collections Total Cash Payments for Inventory Total Cash Payments for Inventory Change in Cash Beginning Cash nding Cash Balance Johnny Rose collection experience has shown that 70% of the clients purchasing on credit pay in the month following the purchase and 25% pay for their purchases in the second month following purchase. AJC estimates that 5% of Credit sales are uncollectible. Johnny Rose Inventory Assumptions is 20% of next month's sales for Johnny's 'Big Daddy' Rose Bowl 30% of next month's Sales for Terminator Laser Tag No Beginning inventory needed for 'Beaver Dance Off 80% of next month's Sales for Awesome' Burger Johnny Rose inventory supplier requires 10% down (paid in the month of purchase), then 80% of the remaining balance, after 30 days, and the remainder 60 days after the purchase. Johnny Rose Markup Assumptions are: Big Daddy' Rose Bowl Showdown 500% Terminator Laser Tag 350% Justin Beaver Dance Off 400% Awesome Johnny Rose - Burger 40% Johnny Rose owner (AJC) contributed $300,000 of their own savings to finance the business. Johnny Rose also borrowed 30,000 from Ulaneo - Amortization table shown below. Loan was initiated 4/1 and first payment made on 5/1. Beginning Ending Month Balance Payment Principal Interest Balance April 30000 579.98 429.98 150 29570.02 May 29570.02 579.98 432.13 147.85 29137.89 June 29137.89 579.98 434.29 145.69 28703.6 July 28703.6 579.98 436.46 143.52 28267.14 Johnny Rose also had the following transactions; Justin Beaver Disco Room (7 year useful life - Paid in month 2nd month following) $42,250 April Kitchen Equipment (8 year useful life - Paid in the month following acquisition $52,600 April Laser Tag Facility 4 year useful life - Paid in the 3rd month after acquisition) $28,400 April Football Simulator Rose Bowl experience' (10 year useful life Paid in the month after acquisition) S45,000 May Patent Expense for the weather couch (not transferable - paid in the month incurred)_$ 4,000 March Johnny Rose also had the following transactions; Justin Beaver Disco Room (7 year useful life - Paid in month 2 month following) $42,250 April Kitchen Equipment (8 year useful life - Paid in the month following acquisition) $52,600 April Laser Tag Facility (4 year useful life - Paid in the 3rd month after acquisition) $28,400 April Football Simulator Rose Bowl experience' 410 year useful life Paid in the month after acquisition) S45,000 May Patent Expense for the weather couch (not transferable - paid in the month incurred)_$ 4,000 March Supplies Expense = 15% of Current Month Sales paid in 2nd month following incurrence. Rent (Always paid in advance - two months before use) $1400 March $1800 April $1900 May $1000 June $2000 July $1800 August $1500 September $1800 October $900 March $600 April $700 May $800 June $1300 July $1400 August $800 September Truck Lease (paid in the second month after their use) Wages (paid in the month of occurrence) $2200 March $2300 April $1900 May $1700 June $2300 July $1800 August $1400 September Super Meal Expense w/super dust (paid in 2-d month after) $1400 March $900 April $700 May $500 June $400 July $500 August $1000 September $8,500 Insurance (pre-paid for 12-months in advance in March) Commissions -12% of Sales (Paid Quarterly beginning in June) Talent Agent Expense (paid in the month 2-1 month after their use) 12% of Sales $900 March $500 April $600 May $1000 June $1800 July $1700 August $1200 September Royalties (Pre-Paid Quarterly-beginning in May) $6,000 (every 3-months)