Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its

master budget on a quarterly basis. The following data have been assembled to assist in preparation of the

master budget for the first quarter:

a$.$ As of December $31($the end of the prior quarter$),$ the company's General Ledger shows:

b$.$ Actual Sales for December and budgeted sales for the next four months are as follows:

c$.$ Sales are $25\%$ for cash and $75\%$ on credit. All payments on credit sales are colected in the month

following the sale. The accounts receivable at December $31$ are a result of December credit sales.

d$.$ The company's gross profit rate is $45\%$ of gross sales.

e$.$ Monthly expenses are budgeted as follows: salaries and wages, $$75,000$ per month; advertising,

$$55,000$ per month; shipping, $5\mathrm{.}6\%$ of sales; depreciation, $$19,000$ per month; other expenses, $3\%$ of

f$.$ At the end of each month, inventory is to be on hand equal to $20\%$ of the following month's sales

needs, stated at cost$.$

g$.40\%$ of a month's inventory purchases is paid for in the month of purchase; the other $60\%$ is paid for

in the following month.

h$.$ If required, make necessary assumptions and state them in the answer document.Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its

master budget on a quarterly basis. The following data have been assembled to assist in preparation of the

master budget for the first quarter:

a$.$ As of December $31($the end of the prior quarter$),$ the company's General Ledger shows:

b$.$ Actual Sales for December and budgeted sales for the next four months are as follows:

c$.$ Sales are $25\%$ for cash and $75\%$ on credit. All payments on credit sales are colected in the month

following the sale. The accounts receivable at December $31$ are a result of December credit sales.

d$.$ The company's gross profit rate is $45\%$ of gross sales.

e$.$ Monthly expenses are budgeted as follows: salaries and wages, $$75,000$ per month; advertising,

$$55,000$ per month; shipping, $5\mathrm{.}6\%$ of sales; depreciation, $$19,000$ per month; other expenses, $3\%$ of

f$.$ At the end of each month, inventory is to be on hand equal to $20\%$ of the following month's sales

needs, stated at cost$.$

g$.40\%$ of a month's inventory purchases is paid for in the month of purchase; the other $60\%$ is paid for

in the following month.

h$.$ If required, make necessary assumptions and state them in the answer document.Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its

master budget on a quarterly basis. The following data have been assembled to assist in preparation of the

master budget for the first quarter:

a$.$ As of December $31($the end of the prior quarter$),$ the company's General Ledger shows:

b$.$ Actual Sales for December and budgeted sales for the next four months are as follows:

c$.$ Sales are $25\%$ for cash and $75\%$ on credit. All payments on credit sales are colected in the month

following the sale. The accounts receivable at December $31$ are a result of December credit sales.

d$.$ The company's gross profit rate is $45\%$ of gross sales.

e$.$ Monthly expenses are budgeted as follows: salaries and wages, $$75,000$ per month; advertising,

$$55,000$ per month; shipping, $5\mathrm{.}6\%$ of sales; depreciation, $$19,000$ per month; other expenses, $3\%$ of

f$.$ At the end of each month, inventory is to be on hand equal to $20\%$ of the following month's sales

needs, stated at cost$.$

g$.40\%$ of a month's inventory purchases is paid for in the month of purchase; the other $60\%$ is paid for

in the following month.

h$.$ If required, make necessary assumptions and state them in the answer document.Schedule of expected cash collections

Cash Sales

Credit Sales

Total Cash Collections

a$.$ Inventory purchases budget

Budgeted Cost of Goods Sold

Add desired ending inventory

Total Needs

Less Beginning Inventory

Required Purchases

b$.$ Schedule of cash disbursements for purchase

$4$ Cach hudaet