Master Budget My cash budget and balance sheet is not correct. Cash Budget should be $5482 and Balance sheet should be $185,777 in assets. What am I doing wrong?

Themes o Effects Margins Orientation Size Print Breaks Background Print Titles Page Setup E Area M MJ Scale 100% Scale to Fit MINU Pri Themes Shee ET - XV fx May B D E G 1 Schedule of Expected Cash Disbursements - Selling & Admin Expenses 2 April June Quarter 3 Commissions 9,400 100 9,400 28,200 4 Rent 2,500 20500 2,500 7,500 5 Other Expenses 12,960 11,280 10,680 34,920 6 Total disbursements 24,860 23,180 22,580 70,620 7 8 9 12 13 15 16 17 18 19 4 NAdd desired End Inv 5 Total Needs 6 Less Beg Iny Required Purchases 8 13,860 78,540 16,170 62,370 13,035 68,475 13,860 54,615 11,055 63,195 13,035 50, 160 11,055 183,315 16,170 167,145 9 10 11 12 13 14 15 16 17 18 *Budgeted COGS is calculated by taking the sales multiplied by the % 19 that is COGS. As an example, if the gross margin percentage is 60%, that 20 means that 40% of the revenue is COGS. If sales are 200,000, then budgeted 21 COGS would be 200,000 * 40% = 80,000 22 23 24. Revenue 261,000 25 Less COGS 88,740 34% + 26 Gross Margin 172,260 66% 27 28 29 30 Scale to Fit She Themes Page Setup B8 1 : x y fx 60% of $79.000 - 547 400 balance in Acets Receivable. A B C D E 1 Schedule of Expected Cash Collections 2 April May June Quarter 3 Accts Rec beg bal 32,400 32,400 4 April Sales 39,200 58,800 98,000 5 May Sales 33,600 50,400 84,000 6 June Sales 31,600 31,600 7 Total Collections 71,600 92,400 82,000 246,000 8. 5% of $79,000 = $47,400 balance in Accts Receivable. 19 10 11 12 13 14 15 16 17 ssets as of March 31: nts Receivable ory & Equipment, net Payable tock Earnings 5,700 32,400 16,170 109,140 21,384 100,000 42,026 Margin percentage: 34% of sales 66% (i.e. this percentage is COGS) and budgeted sales data (each unit sells for $100) are as follows: etual) 540 980 840 790 670 re on account. 40% are collected in the month of sale while the other 60% are collected in the following month. unts receivable at March 31 are the result of March credit sales. month's end inventory should equal: 25% of the following month's budgeted COGS. terchandising business. Because of this, there is no direct materials, direct labor or MOH (we are not making units). 40% of a month's inv purchases are paid in the month of purch. 60% are paid in the following month. y expenses are as follows (paid monthly): ions 9,400 2,500 Denses (excluding depr) 12% of sales tion per month: 1,200 (includes new assets purchased this quarter) Hent will be acquired for cash: 12000 4300 end will be paid in April 5300 ould like to maintain a minimum cash balance of $5000 at the end of each month. The company has an agreement al bank that allows the company to borrow in increments of $1000 at the beginning of each month, up to a total loa f $50,000. The interest rate on these loans is 18% annually, and for simplicity, we will assume that interest is not ded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. A g in the last month will be repaid the following quarter with interest. 86% . 2:34 P a Budget Project Fall 2020 student Complete - Read : Read Only - This is an older file format. Ch... fx A B C D E ONE 4. ih Balance, beginning 5700 5008 5160 5700 1 cash collections 71600 92400 82000 246000 6 al cash available 77300 97408 87160 261868 7 8 scash disbursements: 9 or Inventory 46332 59268 52833 158433 10 or Operating expenses 23660 21980 213801 67020 11 or Equipment 12000 4300 16300 12 or Dividends 5300 5300 13 al Cash Disbursements 75292 93248 815131 250053 14 15 less deficiency of cash 2008 4160 5647 11815 16 ancing: 3000 1000 4000 17 rowings 18 Dayments 19 -rest 20 21 h Balance, ending 5008 514 5647 5647 22 23 NT: We will have to borrow some during June as well, to keep our balance above 5000... 24 WILL NOT pay any interest on that borrowing that we make in June until next quarter. 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Given Tab Sales Cash C + MI III o