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Problem 7-5 Preparing a Cash Budget with Supporting Schedules (LO2- CC5, 7, 12) Garden Sales, Inc sells garden supplies. Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the quarter a Budgeted monthly income statements for April to July are as follows: April May June July Sales $520,000 $760,000 5440,000 $360,000 Cost of goods sold 360,000 528.000 308,000 252.000 Gross margin 160,000 232,000 132,000 108.000 Less: Operating expenses Selling expense 21,200 104,000 53,600 44,500 Administrative expense 40,000 44,800 36,800 34,400 Total operating expenses 111.200 148,800 90,400 29 200 Net income $ 48,800 $ 83,200 $ 41,600 $ 28,800 I b. Soles are 20% for cash and 80% on account Sales on account are collected over a three-month period in the following ratio: 10% collected in the month of sale, 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of tale February's sales totalled $200,000, and March's soles totalled $280,000 d Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month Accounts payable at March 31 for inventory purchases during March total $105,000 e At the end of each month, inventory must be on hand equal to 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 3115 $72.000 1 Dividends of $42.000 will be declared and paid in Aont 9 Equipment costing $14,800 will be purchased for cash in May. h. The cash balance at March 3115 $45,600, the company must maintain a cash balance of at least 33000 at all times The company can borrow from its bank, as needed, to bolster the cash account Borrowings and repayments must be in multiples of $500 Interest is due only when principal is repaid and is calculated on the amount of repayment for me duration of the time money was borrowed. All borrowings take place at the beginning of a month and all repayments are made of the end of a month The annual interest rate is 12% Compute interest on whole months (1/12. 2/12, and so forth Required: 1. Prepare a schedule of expected cash collections from sales for each of the months April May, and June, and for the quarter in total GARDEN SALES, INC. Schedule of Expected Cash Collections Aprill May June Quarter Cath sales Sales on account February March April May June Total cash collections 2. Prepare the following for merchandise Inventory o. An inventory purchases budget for each of the months April May, and June. GARDEN SALES, INC. Inventory Purchases Budget April May June Total needs 3. Prepare a cash budget for the third quarter, by month as well as in total for the quarter Show borrowings from the company's bank and repayments to the bank as needed to maintain the minimum cash balance. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by a minus sign) GARDEN SALES, INC Cash Budget For the Quarter Ended June 30 April May June Quarter Total cash available Deduct Disbursements Total disbursements Excess deficiency of cash Deduct: Disbursements Total disbursements Excess (deficiency) of cash Financing 7 Total financing