need help on the three questions i got wrong!! please help!!!!!

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located In shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold for the same price-$16 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings) January (actual) February (actual) March (actual) April budget) May (budget) 22,400 June (budget) 28,400 July (budget) 42,400 August (budget) 67,400 September (budget) 102,400 52,400 32,400 30,400 27,400 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month Suppliers are paid $5.20 for a pair of earrings. One half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit Only 20% of a month's sales are collected in the month of sale. An additional 70% in collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below Variable: Bales commissions Fixed: Advertising Rent Salaries $ 320,000 $ 30,000 $ 130,000 Prov 1 of 4 !!! Next > completed so far. It does not indicate completion. R Suppliers are paid $5.20 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase, the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below: Variable Sales comosions Fixed Advertising Rent Salaries Utilities Insurance Depreciation 4 of sale $ 320,000 $ 30,000 $ 130,000 13,000 $4,200 26.000 Insurance is paid on an annual basis. In November of each year, The company plans to purchase $22,000 in new equipment during May and $52,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $24,000 each quarter payable in the first month of the following quarter The company's balance sheet as of March 31 is given below: 6,000 Aucts Accounts receivable (545.640 Pobruary nalen 5542,720 Marchsales) Inventory Prepaid Insurance Property and equipment (net Total ante Liabilities and Stockholders' quity 58,160 140,192 27.000 1,070,000 $ 16,000 Assets Caah Accounts receivable (545,440 February sales; $542,720 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and stockholders' Equity Accounts payable Dividenda payable Common stock Retained earnings Total liabilities and stockholders' equity 588, 160 140, 192 27,000 1.070,000 $ 1,911,352 $ 112,000 24,000 1.040,000 235352 $ 1.911,352 The company maintains a minimum cash balance of $62,000. All borrowing is done at the beginning of a month any repayments are made at the end of a month The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $62,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1. a. A sales budget, by month and in total, b. A schedule of expected cash collections, by month and in total A merchandise purchases budget in units and in dollars. Show the budget by month and in total d. A schedule of expected cash disbursements for merchandise purchases, by month and in total 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $62,000 3. A budoeted income statement for the three-month period endina June 30. Use the contribution accroach. Prey HHH Now ILALA YA The company maintains a minimum cash balance of $62,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in Increments of $1,000), while still retaining at least $62,000 In cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total, c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $62,000. 3. A budgeted income statement for the three-month period ending June 30 Use the contribution approach 4. A budgeted balance sheet as of June 30. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req 1C Reg 10 Req2 Reg 3 Reg 4 Prepare a master budget for the three-month period ending June 30 that indudes a budgeted income statement for the three- month period ending June 30. Use the contribution approach Prepare a master budget for the three-month period ending June 30 that includes a budgeted income statement for the month period ending June 30. Use the contribution approach. Earrings Unlimited Budgeted Income Statement For the Three Months Ended June 30 Sales $3,555,200 Variable expenses Cost of goods sold 1,155,440 Commissions 142,208 0 0 1,297,648 Contribution margin 2.257,552 Fixed expenses: Advertising 960,000 Rent 90,000 Salaries 390,000 Utilities 39,000 Insurance 12,600 Depreciation 78,000 >>>> 000 0 0 Net operating income Interest expense Not income 1.569,600 687,952 (1.111) 686,841 0 Reg 2 Req4 Req 1A Reg 1B Reg 10 Req 1D Reg 2 Reg 3 Reg 4 ********** Prepare a master budget for the three month period ending June 30 that includes a budgeted balance sheet as of June 30. Earrings Unlimited Budgeted Balance Sheet June 30 Assets Cash $ 934,818 Accounts receivable 834,560 Inventory 67,392 Prepaid insurance 14400 Property and equipment, net 1,066,000 0 . | Total note 2,017.170 Liabilities and Stockholders' Equity Accounts payable $ 115,440 Dividends payable 24,000 Common stock 1,040,000 Retained earnings 1.737.720 0 0 s 2,917 169 Total liabilities and stockholders' equity 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain th cash balance of $62,000. 3. A budgted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Reg 10 Reg 2 Req3 Reg 4 Prepare a master budget for the three-month period ending June 30 that includes a sales budget, by month and in total. Budgeted unit sales Selling price per unit Total sales Sales Budget April May June Quarter 67.400 102,400 52,400 222,200 $ 16 s 16 $ 16 $ 16 $ $1,638,400 $ 838,400 $ 3,555,200 1,078,400 HA Req 18 > 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be cash balance of $62,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution a 4. A budgeted balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Req 10 Req 2 Req 3 Req 4 Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected month and in total. February sales March sales April sales May sales June sales Total cash collections Earrings Unlimited Schedule of Expected Cash Collections April May June Quarter $ 45,440 $ 45,440 474,880 67,840 542,720 215,680 754,880 107,840 1,078,400 327,680 1,146,880 1,474,560 167,680 167,680 736,000 $ 1,150,400 $ 1.422,400 $ 3,308,800 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approa 4. A budgeted balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Reg 1B Req 1A Reg 10 Req 1D Req 2 Req3 Req 4 Prepare a master budget for the three-month period ending June 30 that includes a merchandise purchases bu and in dollars. Show the budget by month and in total. (Round unit cost to 2 decimal places.) Earrings Unlimited Merchandise Purchases Budget April May June Quarter Budgeted unit sales 67,400 102,400 52,400 222,200 Add: Desired ending merchandise inventory 40,960 20.960 12,960 12,960 Total needs 108,360 123,360 65,360 235,160 Less: Beginning merchandise inventory 26,960 40,960 20,960 26,960 Required purchases 81,400 82,400 44,400 208,200 Unit cost $ 5.20 $ 5.20 $ 5.20 $ 5.20 Required dollar purchases $ 423,280 $ 428,480 $ 230,880 $ 1,082,640 cash balance of $62,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approa 4. A budgeted balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 10 Reg 2 Reg 3 Req 4 Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash for merchandise purchases, by month and in total. Earrings Unlimited Budgeted Cash Disbursements for Merchandise Purchases April May June Quarter Accounts payable $ 112,000 $ 112,000 April purchases 211,640 211,640 423,280 May purchases 214.240 214,240 428,480 June purchases 115,440 115,440 Total cash payments $ 323,640 $ 425,880 $ 329,680 1,079,200 Saved deficiency, repayments and interest should be indicated by a minus sign.) Earrings Unlimited Cash Budget For the Three Months Ending June 30 April May June Quarter Beginning cash balance $ 86,000 $ 62,224 $ 206,208 $ 86,000 Add collections from customers 736,000 1.150,400 1,422,400 3,308,800 Total cash available 822,000 1.212,624 1,628,608 3,394,800 Less cash disbursements: Merchandise purchases 323,640 425,880 329,680 1,079,200 Advertising 320,000 320,000 320,000 960,000 Rent 30.000 30,000 30,000 90,000 Salaries 130,000 130,000 130,000 390,000 Commissions 43.136 65,536 33,536 142,208 Utilities 13,000 13,000 13,000 39,000 Equipment purchases 0 22,000 52,000 74,000 Dividends paid 24,000 0 0 24,000 Total cash disbursements 883,776 1,006,416 908,216 2,798,408 Excess (deficiency) of cash available over disbursements (61,776) 206,208 720,392 596,392 Financing Borrowings 124.000 0 0 124,000 Repayments 0 0 (124,000) (124.000) Interest 0 0 (3.720) (3.720) Total financing 124,000 0 (127 720) (3.720) Ending cash balance 62,224 $ 206,208 $ 592,672 $ 592,872