Master Budget Excel Assigntment: 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. Please show as many steps as possible especially for part b. Schedule of Cash Disbursements for Purchases

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: b. Actual Sales for December and budqeted 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. Q. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; advertising, $55,000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. 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