master budgeting problem

The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. Policies and Plans used by The Bobcat Beverage Company, Inc.n in budgeting 1. 15% of sales are cash sales with 85% credit sales. Credit sales are collected 29% in the month of sale and 71% in the month following sale. 2. Cost of goods sold is budgeted to be 35% of sales. 3. The Bobcat Beverage Company, Inc. plans to end each month with inventory levels equal to 12% of the next month's cost of sales. 4. The company pays for 74% of the purchases of merchandise in the month of the purchase and 26% in the following month. 5. The Bobcat Beverage Company, Inc. pays a sales commission of 7.5% on all sales. The selling commission is paid in the month after the salesmen earn the commission. 6. The company believes that advertising expense is a mixed cost. Based on an analysis of data from previous years, they determine that the best estimate of advertising expense is 15.5% of sales plus $80,000. 7. The company pays all of its advertising expense in the month AFTER it is incurred. 8. The Bobcat Beverage Company, Inc. estimates its general and administrative expenses to be equal to 13% of budgeted sales plus $50,000. The general and administrative expenses are paid in the month in which they are incurred. 9. Depreciation is $10,000 per month on the property, plant and equipment owned on August 31, 2022 for the period of this budget. 10. On July31,2022, the company purchased and paid cash of $30,000 for a twelvemonth policy covering the period August 1, 2022 to July 31, 2023 and recorded the cost in Prepaid Insurance. 11. During September the company issued $80,000 of no-par common stock for cash. 12. On September 15, 2022, the company purchased Land for $360,000, paying cash. 13. The Bobcat Beverage Company, Inc. records interest expense and accrues interest payable at the rate of 1% per month (simple interest) based on the beginning balance of Long-Term Debt for that month. The Bobcat Beverage Company, Inc. will pay interest in the month it is incurred. 14. The Bobcat Beverage Company must maintain a minimum cash balance of $25,000. If it must borrow any funds, it must borrow in $1,000 increments. Any excess cash will be used to pay down long-term debt. The company may either borrow funds or repay funds, but not hoth in the same month. 15. The Bobcat Beverage Company, Inc. records income tax expense and accrues income tax payable monthly using a 25% estimated tax rate. Income taxes are paid in the month AFTER they are incurred. 16. The company will declare a cash dividend on September 20,2022 for $30,000. The cash dividend will be paid on October 15, 2022. No other dividends were declared or paid. Once you have completed the budget, determine the following balances. On the template, make sure you link your answer to the appropriate cell. Failure to link to the appropriate cell will result in zero credit for that answer. Failure to complete this part of the assignment will result in a ZERO for the entire assignment, regardless if you completed the six budgets. 1. Total Cash Receipts for September and October 2. Total Inventory Purchases for September and October 3. Total Cash Payments for Inventory Purchases for September and October 4. Total Variable Selling \& Administrative Costs for September and October 5. Total Fixed Selling \& Administrative Costs for September and October 6. Total Cash Payments (S\&A) for September and October 7. Total Cash Surplus (Deficit) for September and October 8. Total New Borrowing (Repayments) for September and October 9. The Contribution Margin for September and October 10. Total Interest Expense for September and October 11. Pre-tax Income for September and October 12. Income tax expense for September and October 13. Ending Balance of Accounts Receivable for September and October 14. Ending Balance of Inventory for September and October 15. Ending Balance of Prepaid Insurance for September and October 16. Ending Balance of Accumulated Depreciation for September and October 17. Ending Balance of Accounts Payable for September and October 18. Ending Balance of Commissions Payable for September and October 19. Ending Balance of Long-Term Debt for September and October 20. Ending Balance of Retained Earnings for September and October