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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: Apr11 May June July Sales 5650,000 $890,000 $570,000 $490,000 Cost of goods sold 438.000 606,000 399,00 343,000 Gross margin 212.000 171,00 147,000 Less Operating expenses Selling expense 92,200 130,000 66,600 $7,00 Administrative expense" 53.000 65,700 49,800 42400 Total operating expenses 150.200 195,700 116,400 105. 200 Net Income $61,500 $ 88,300 $ 54,600 41,800 includes $10,000 in depreciation each month b. Sales are 20% for cash and 80% on account c. 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 sale February's sales totalled $330,000, and March's sales totalled $410,000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of - The minin in the month anh Pudrys SIS alle UV, and MCTS SO Toldi DJUU 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 $121,200 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 31 is $87.500 1 Dividends of $67100 will be declared and paid in April 9. Equipment costing $21,300 will be purchased for cash in May. n. The cash balance at March 31 is 558.600 the company must maintain a cash balance of at least $46,000 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 the duration of the time money was borrowed. All borrowings take place at the beginning of a month and all repayments are made at 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 April June May Quader Cash sales Sales on account February March Art Help Save & Exit 7 April May June Total cash collections $ 0 S 05 05 0 37:21 2. Prepare the following for merchandise inventory ok a. An inventory purchases budget for each of the months April May, and June st GARDEN SALES, INC Inventory Purchases Budgor April May June Total needs b. A schedule of expected cash disbursements for inventory for each of the months Apr, May, and June, and for the quarter in total. Quarter GARDEN SALES, INC. Schedule of Expected Cash Disbursements for Inventory April May June Accounts payabile, March 31 Aprill purchases May purchases Jone purchases Total cash disbursements 5 05 os 015 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. Help Save & Exit 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 56 Total cash available Deduct Disbursements 0 0 0 0 0 Total disbursements Excess (deficiency) of cash Financing