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newconnect.mheducation.com C Course Hero Course Hero Saved Help Sa work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple Re Percent Collected in April June July August Amount Collected in Total April May June July August es $ 765,000 $ 191,250 374,000 187,000 $ 93,500 1,020,000 204,000 510,000 850,000 170,000 646,000 $ 582,250 $ 773,500 Required 2 > Prev 1 of 2 Next > MacBook Air F9 FIO 44 F7 F8 20 F3 F4 F5 F6 LA % & 8 O 5 P T Y U O Rnewconnect.mheducation.com hework 6 Course Hero Course Hero ork 6 i Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It Required 1 Required 2 Required 3 Required 4 Required 5 Required 2 Prepare a schedule thusnews .le computation of budgeted ending inventories (in units) for April, May, June, and AZTEC COMPANY Budgeted Ending Inventory For April, May, June and July April May June July Next month's budgeted sales (units) 462 X 1,260 1,050 X 798 X Ratio of inventory to future sales Budgeted "base" ending inventory Safety stock (units 120 120 120 120 Budgeted ending inventory (units) 120 120 120 120 Required 1 Required 3 > Prev 1 of 2 Next > MacBook Air 20 F3 F4 F5 F6 44 F7 F9 F2 W # LA % A & @ 4 5 6 8Saved Check my work mode : This shows what is correct or incorrect for the work you have completed s Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the merchandise purchases budget for May, June, and July. Report calculations in units and then amount of purchases for each month. AZTEC COMPANY Merchandise Purchases Budgets For May, June, and July May June July Budgeted unit sales for month O 2,200 6,000 5,000 Required units of available merchandise 582 1,380 1,170 Budgeted purchases (units) 2,998 5,790 4,748 Budgeted cost of merchandise purchases Prev 1 of 2 Next > MacBook Air Poo F6 44 F7 F2 20 F3 F4 F5 C # A & @ LA %Saved Check my work mode : This shows what is correct or incorrect for the work you have co Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a schedule showing the computation of cash payments for product purchases for June a Cash payments on product purchases (for June and July) - Percent Paid in-- May June July From purchases in: May 329780% X 131912% x June 382140% X 254760% X July 313368% X Amount Paid in- Total May June July From purchases in: May June July Prev 1 of 2 Next > MacBook Air 20 F4 F5 F6 44 F7 F8 F2 F3 0ooCourse Hero Saved neck my work mode : This shows what is correct or incorrect for the work you have completed June and July June July Beginning cash balance $ 120,000 $ 144,409 (X Additional loan (loan repayment) X 582,250 773,500 Total cash available 702,250 917,909 Cash payments for: Interest expense X 514,052 568, 128 Cash receipts from customers X 12,000 12,000 (x Purchases X 526,052 (X 580,128 (X) Selling and administrative expenses Total cash payments 1,052, 104 1, 160,256 Preliminary cash balance 176, 198 337,781 X Additional loan (loan repayment) 31,789 (x 0X Ending cash balance $ 207,987 $ 337,781 Loan balance June July Loan balance - Beginning of month $ 31,500 Additional loan (loan repayment) (31,500) X 0 Loan balance - End of month $ 0 $ 0 Prev 1 of 2 Next > MacBook Air 20 F7 DII F8 F2 F3 F4 F5 F6 14 OAztec Company sells its product for $170 per unit. its actual and budgeted sales follow. Unite Dollars April (actual) 4,500 $ T65,000 May {actual} 2,200 374,000 June {budgeted} 6,000 1,020,000 Julyr {budgeted} 5,000 1,019,000 August (budgeted) 3,300 546,000 All sales are on credit. Recent experience shows that 20% of credit sales is collected in the month ofthe sale, 5096 in the month after the sale, 225% In the second month after the sale, and 5% proves to be uncollectible. The product's purchase price ls $110 per unit. 60% of purchases made in a month ls paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 21% of the next month's unit sales plus a safety stock of120 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,440,000 and are paid evenly throughout the year in cash. The company's minimum cash balance at month-end ls $120,000. This minimum is maintained, If necessary. by borrowing cash from the bank. If the balance exceeds $120,000, the company repays as much oi the loan as it can without going below the minimum. This type of loan carries an annual 11% interest rate. On May 31, the loan balance is $31,500, and the company's cash balance is $120,000. Required: 1. Prepare a schedule that shows the computation of cash collections of its credit sales [accounts receivable} in each of the months of June and July. 2. Prepare a schedule that shows the computation of budgeted ending inventories (in units} for April, May, June, and July. 3. Prepare the merchandise purchases budget for May, June, and July. Report calculations in units and then show the dollar amount of purchases for each month. 4. Prepare a schedule showing the computation of cash payments for product purchases for June and July. 5. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month
