My question is 5.28, I just provided the other info since it's needed
5.28 (LO 4) Preparing a cash budget John Wills, Bates \& Hill Fabricators' budget director, has received budget information from several managers (see Exercises 5.8, 9, 11, 15, 17, 19, 20, 23, and 25) and is preparing the company's cash budget. In addition to the information he received from these managers, John knows the following: - Bates \& Hill plans to have $32,400 in its cash account on January 1. - Bates \& Hill plans to purchase and pay cash for a piece of land in January at a cost of $90,000. - Bates \& Hill plans to make a cash purchase of equipment in March at a cost of $30,000. - Bates \& Hill's income taxes from last quarter totaling $26,400 will be paid in January. - Bates \& Hill is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Bates \& Hill has negotiated with the First National Bank to provide a $175,000 line of credit that can be borrowed against in $1,000 increments on the first day of the month. Any repayments on the line of credit must also be made in $1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 6%. Any time a principal payment is made, all accrued interest to date is repaid. Required Prepare Bates \& Hill's cash budget for the first quarter. 5.19 [LO 3] Preparing a manufacturing overhead budget Joshas IIIll, Bates k I Iill Fabriczturs' 5.8 (L0 3) Preparing a sales hadget Hates a Hill Habroators produces commemorutive bricks that. nrgznizations use for fundrzising projects. Marn kites, the compeny's vibe posident of marketing, has pnduction manaper, has fuse completed the compary's pnducrion budpet and dires labor budest tar the sell the brieks for $21 each Required Prepace Bares \& Hil's sales budget for the first quarew or the coming year. 5.9 \{L0 3] Preparing a selling and administruttye expense budget Hates \& Hill Fabricators' mar keting department has identified the following manthly expenses that will he needed in support the company's azks and adminiserartue funceions (sse Exereise S.8) in oddition to these monthly expenses, Lhe exemperg will pay a cumunissiva bo ils salespeople egual lo 85 of t ssles nexna foun each beick suld. Tbe cunzany expects bal debl expease to be 2% of eales revenue. The company applies manufacturiag orecbead based on direct Labor buurs, and the carreat predetermined rates are $12.25 per direct lahor hour foe fiued manufacturing nuerhezd and $1.75 per direct lahor hour for variahle manufacturing orerhend. Required Pepare Pares \&. Hili's manufacturing geverhead mudget tar the first cquarter. 5.20 (LO 3) Prepuring an ending inventary badget Jushua HiIl, Bates \& Hill Fahricatnrs' pocduc- Required tian manager, has just completed the company's prodoctinn budget (see Exereise s.11) and mancafic Prepace Baces \& Hil's seling and adminiscatise expense budge foe the firs quatter of the caming year. natiog onetbead budpet (sex. Fxecise 5.19) for tbe firs quatter. He also bes recered the dinet materials Screenshot 2023-03-18... (i) Q@Q (1) Screenshot 20230318 5.11 (LO 3) Preparing a production budget Joshua Hill, Bates \& Hill Fabricators' production man- 5.23 (LO 4) Preparing a cash receipts budget Laura Falk, Bates \& Hill Fabricators' accounts receivager, has just received the company's sales budget for the first quarter (see Exercise 5.8). Company policy able manager, has just received the company's sales budget for the first quarter (see Exercise 5.8). The comyear. the sale, and 2% of sales are uncollectible. The company expects to have a net accounts receivable balance of $98,200 on January 1 , and this amount represents the remaining receivables from December's sales. 5.15 (LO 3) Preparing a direct materials purchases budget Marcy Jones, Bates \& Hill Fabricators' 5.25 (LO 4) Preparing a cash payments budget Maria Bockman, Bates \& Hill Fabricators' accounts purchasing manager, has just received the company's production budget for the first quarter (see Exerpayable manager, has just received the company's direct materials purchases budget for the first quarter cise 5.11). Each brick requires 6 pounds of clay, and Marcy expects to pay $1.50 per pound of clay in the (see Exercise 5.15). The company makes all of its direct materials purchases on account. Maria's recent review of the company's payment history revealed that the company pays for 25% of its direct materials coming year. Company policy requires an ending direct materials inventory each month that will meet 10% of the following month's production needs. Marcy expects to have 15,000 pounds of clay at a cost of purchases in the month of purchase and 75% in the month following purchase. The company expects to $22,500 in inventory at the beginning of the year. have an accounts payable balance of $18,000 on January 1 , and this amount represents the remaining payables from December's direct materials purchases. 5.17 (LO 3) Preparing a direct labor budget Joshua Hill, Bates \& Hill Fabricators' production manager, has just completed the company's production budget for the first quarter (see Exercise 5.11). Each brick requires 12 minutes to produce, and Joshua expects to pay workers $18 per direct labor hour in the coming year. 5.28 (LO 4) Preparing a cash budget John Wills, Bates \& Hill Fabricators' budget director, has received budget information from several managers (see Exercises 5.8, 9, 11, 15, 17, 19, 20, 23, and 25) and is preparing the company's cash budget. In addition to the information he received from these managers, John knows the following: - Bates \& Hill plans to have $32,400 in its cash account on January 1. - Bates \& Hill plans to purchase and pay cash for a piece of land in January at a cost of $90,000. - Bates \& Hill plans to make a cash purchase of equipment in March at a cost of $30,000. - Bates \& Hill's income taxes from last quarter totaling $26,400 will be paid in January. - Bates \& Hill is required to maintain a minimum cash balance of $50,000 in its account at First National Bank. Bates \& Hill has negotiated with the First National Bank to provide a $175,000 line of credit that can be borrowed against in $1,000 increments on the first day of the month. Any repayments on the line of credit must also be made in $1,000 increments and are made on the last day of the month when cash is available. The annual interest rate on this line of credit is 6%. Any time a principal payment is made, all accrued interest to date is repaid. Required Prepare Bates \& Hill's cash budget for the first quarter. 5.19 [LO 3] Preparing a manufacturing overhead budget Joshas IIIll, Bates k I Iill Fabriczturs' 5.8 (L0 3) Preparing a sales hadget Hates a Hill Habroators produces commemorutive bricks that. nrgznizations use for fundrzising projects. Marn kites, the compeny's vibe posident of marketing, has pnduction manaper, has fuse completed the compary's pnducrion budpet and dires labor budest tar the sell the brieks for $21 each Required Prepace Bares \& Hil's sales budget for the first quarew or the coming year. 5.9 \{L0 3] Preparing a selling and administruttye expense budget Hates \& Hill Fabricators' mar keting department has identified the following manthly expenses that will he needed in support the company's azks and adminiserartue funceions (sse Exereise S.8) in oddition to these monthly expenses, Lhe exemperg will pay a cumunissiva bo ils salespeople egual lo 85 of t ssles nexna foun each beick suld. Tbe cunzany expects bal debl expease to be 2% of eales revenue. The company applies manufacturiag orecbead based on direct Labor buurs, and the carreat predetermined rates are $12.25 per direct lahor hour foe fiued manufacturing nuerhezd and $1.75 per direct lahor hour for variahle manufacturing orerhend. Required Pepare Pares \&. Hili's manufacturing geverhead mudget tar the first cquarter. 5.20 (LO 3) Prepuring an ending inventary badget Jushua HiIl, Bates \& Hill Fahricatnrs' pocduc- Required tian manager, has just completed the company's prodoctinn budget (see Exereise s.11) and mancafic Prepace Baces \& Hil's seling and adminiscatise expense budge foe the firs quatter of the caming year. natiog onetbead budpet (sex. Fxecise 5.19) for tbe firs quatter. He also bes recered the dinet materials Screenshot 2023-03-18... (i) Q@Q (1) Screenshot 20230318 5.11 (LO 3) Preparing a production budget Joshua Hill, Bates \& Hill Fabricators' production man- 5.23 (LO 4) Preparing a cash receipts budget Laura Falk, Bates \& Hill Fabricators' accounts receivager, has just received the company's sales budget for the first quarter (see Exercise 5.8). Company policy able manager, has just received the company's sales budget for the first quarter (see Exercise 5.8). The comyear. the sale, and 2% of sales are uncollectible. The company expects to have a net accounts receivable balance of $98,200 on January 1 , and this amount represents the remaining receivables from December's sales. 5.15 (LO 3) Preparing a direct materials purchases budget Marcy Jones, Bates \& Hill Fabricators' 5.25 (LO 4) Preparing a cash payments budget Maria Bockman, Bates \& Hill Fabricators' accounts purchasing manager, has just received the company's production budget for the first quarter (see Exerpayable manager, has just received the company's direct materials purchases budget for the first quarter cise 5.11). Each brick requires 6 pounds of clay, and Marcy expects to pay $1.50 per pound of clay in the (see Exercise 5.15). The company makes all of its direct materials purchases on account. Maria's recent review of the company's payment history revealed that the company pays for 25% of its direct materials coming year. Company policy requires an ending direct materials inventory each month that will meet 10% of the following month's production needs. Marcy expects to have 15,000 pounds of clay at a cost of purchases in the month of purchase and 75% in the month following purchase. The company expects to $22,500 in inventory at the beginning of the year. have an accounts payable balance of $18,000 on January 1 , and this amount represents the remaining payables from December's direct materials purchases. 5.17 (LO 3) Preparing a direct labor budget Joshua Hill, Bates \& Hill Fabricators' production manager, has just completed the company's production budget for the first quarter (see Exercise 5.11). Each brick requires 12 minutes to produce, and Joshua expects to pay workers $18 per direct labor hour in the coming year
