Just questions 6-10.

AaBbCcL AaBbCcl AaBbCc AaBb( AaBbCcl AaBbCcl Emphasis A.A-, = t . -ta. Heading 1 Heading 2 Heading 31|Normal| Strong Paragraph Styles Wind Energy Parts Company is going to purchase piece of land at the beginning of January, 2017. To see the impact of the decision, the planning committee requires a master budget for the company for January and February of 2017. Required Y ou are to construct the master budget for January and February of 2017 based on the following expectations: 1. The land will cost $100,000. The company will borrow $100,000 from the bank on January 2nd to finance the land. Interest on the loan is 12% per year and is due and payable on December 31s of each year. The bank allows prepayment without penalty at any time but requires that these payments be in $1,000 increments. The company would like to pay off the loan as quickly as possible. Assume payments are made at the end of the month. January sales are estimated to be $200,000 and February sales will be $300,000. Half of each month's sales are cash and half are credit. 2. Prepare a sales budget. 3. The company expects to collect 100% of accounts receivable in the month following the sale. The Accounts Receivable account on January 2nd is projected to have a balance of $90.000 based on December projected sales of S180,000. Prepare a schedule of expected cash receipts. 4. Cost of goods sold will be 70% of sales. Company policy is to budget an ending inventory balance equal to 25% of the next month's projected cost of goods sold. Assume Wind Energy Parts expects March cost of goods sold to be $224,000 and assume the January1 beginning inventory is $35,000. Prepare an inventory purchases budget