Just need selling and administrative expense budget and cash budget

O The annual insurance premium is paid at the beginning of September each year. There should be no change in the premium from last year. All other "cash-related fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred. . Wood Parts-Musical Instruments Ltd uses the straight line method of Depreciation. 11. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information (rounded): Lowest level of sales: 70,000 units Total Operating Expenses: $769,800 Highest level of sales: 110,000 units Total Operating Expenses: $1,009,800 The annual amount of Depreciation on office furniture and equipment is only $21,000 and this amount is already included in the fixed portion of the selling and administration expenses. Not included in the above expenses is bad debt expense. Payments for selling and administrative expenses occur in the month in which they are incurred. 12. Sales are on cash and on account (credit), 70% of the sales are collected during the month of sales, 20% the following month, 9.5% the month thereafter. 12 of 1% of sales are considered uncollectible (Bad debt expense) 13. Sales in November and December 2020 are expected to be $807,500 and $1,045,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $384,988 at December 31, 2020 which will be collected in January and February, 2021. 14. During the fiscal year ended December 31, 2021, Wood Parts-Musical Instruments will be required to make monthly income tax installment payments of $5,000. Outstanding income mono ToyWorks Ltd. Selling and Administrative Expense Budget For the year ended December 31, 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 12 Budgeted sales in units Variable selling and administrative expense per unit Variable expenses $ $ $ $ $ $ $ $ $ $ $ $ $ 6.50 HA $ $ $ $ $ $ $ $ $ $ $ $ 78 Fixed selling and administrative expenses Less: purchases discount taken 78 0 0 0 0 0 0 0 0 0 0 0 0 0 Plus: Warehouse rental - $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 78 Total budgeted selling and administrative expenses Less: non-cash items Less: $ $ $ $ $ $ $ $ $ $ $ $ $ 0 0 0 0 0 0 0 0 0 0 0 0 $ $ $ $ $ $ $ $ $ $ $ $ $ 78 ToyWorks Ltd. Cash Budget For the year ended December 31, 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year $ $ $ $ - $ - $ $ - $ $ $ $ $ $ 1 1 1 1 1 1 1 1 1 10 1 1 1 1 1 1 1 1 1 1 10 Cash balance, beginning Add receipts: Collections from customers Total cash available before financing Less disbursements: Direct materials Direct labour Manufacturing overhead Selling and administrative expenses Tax remittance Tax payable Prepaid insurance Prepaid property and business tax Capital asset purchases Dividends Total disbursements Excess (deficiency) of cash available over disbursements 1 1 1 1 1 1 1 1 1 1 10 Financing: Borrowing (at the beginning of the month) Repayment (at the end of the month) Interest expense (paid monthly) Total financing Cash balance, ending Il $ $ 1 $ 1 $ $ $ 1 $ 1 $ $ 1 $ [ 1 $ 1 $ 10 O The annual insurance premium is paid at the beginning of September each year. There should be no change in the premium from last year. All other "cash-related fixed manufacturing overhead costs are incurred evenly over the year and paid as incurred. . Wood Parts-Musical Instruments Ltd uses the straight line method of Depreciation. 11. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information (rounded): Lowest level of sales: 70,000 units Total Operating Expenses: $769,800 Highest level of sales: 110,000 units Total Operating Expenses: $1,009,800 The annual amount of Depreciation on office furniture and equipment is only $21,000 and this amount is already included in the fixed portion of the selling and administration expenses. Not included in the above expenses is bad debt expense. Payments for selling and administrative expenses occur in the month in which they are incurred. 12. Sales are on cash and on account (credit), 70% of the sales are collected during the month of sales, 20% the following month, 9.5% the month thereafter. 12 of 1% of sales are considered uncollectible (Bad debt expense) 13. Sales in November and December 2020 are expected to be $807,500 and $1,045,000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $384,988 at December 31, 2020 which will be collected in January and February, 2021. 14. During the fiscal year ended December 31, 2021, Wood Parts-Musical Instruments will be required to make monthly income tax installment payments of $5,000. Outstanding income mono ToyWorks Ltd. Selling and Administrative Expense Budget For the year ended December 31, 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 12 Budgeted sales in units Variable selling and administrative expense per unit Variable expenses $ $ $ $ $ $ $ $ $ $ $ $ $ 6.50 HA $ $ $ $ $ $ $ $ $ $ $ $ 78 Fixed selling and administrative expenses Less: purchases discount taken 78 0 0 0 0 0 0 0 0 0 0 0 0 0 Plus: Warehouse rental - $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 78 Total budgeted selling and administrative expenses Less: non-cash items Less: $ $ $ $ $ $ $ $ $ $ $ $ $ 0 0 0 0 0 0 0 0 0 0 0 0 $ $ $ $ $ $ $ $ $ $ $ $ $ 78 ToyWorks Ltd. Cash Budget For the year ended December 31, 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year $ $ $ $ - $ - $ $ - $ $ $ $ $ $ 1 1 1 1 1 1 1 1 1 10 1 1 1 1 1 1 1 1 1 1 10 Cash balance, beginning Add receipts: Collections from customers Total cash available before financing Less disbursements: Direct materials Direct labour Manufacturing overhead Selling and administrative expenses Tax remittance Tax payable Prepaid insurance Prepaid property and business tax Capital asset purchases Dividends Total disbursements Excess (deficiency) of cash available over disbursements 1 1 1 1 1 1 1 1 1 1 10 Financing: Borrowing (at the beginning of the month) Repayment (at the end of the month) Interest expense (paid monthly) Total financing Cash balance, ending Il $ $ 1 $ 1 $ $ $ 1 $ 1 $ $ 1 $ [ 1 $ 1 $ 10