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Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G October sales are estimated to be $125,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 8 percent per month. Prepare a sales budget. October November December Sales Budget Cash sales Sales on account Total budgeted sales $ 50,000 $ 54,000 58,320 87,480 $ 125,000$ 135,000$ 145,800 75,000 81,000 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Required FRequired G The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. October November December Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections $ 50,00054,000 58,320 81,000 $ 139,320 75,000 $ 50,000$ 129,000S Complete this question by entering your answers in the tabs below. Required A Required B Required C E Required D Required E Required F Required G The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $6,000. Assume that all purchases are made on account. Prepare an inventory purchases budget. October NovemberDecember Inventory Purchases Budget Budgeted cost of goods sold Plus: Desried ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) $ 75,000 81,000 87,480 6,000 93,480 8,748 S 83,100 $81,648 84,732 8,748 89,748 8,100 8,100 83,100 Complete this question by entering your answers in the tabs below. Required A Required B Required CRequired D Required E Required F Required G The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar amounts.) October November December Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts payable 58,170 Payment for prior month's accounts payable Total budgeted payments for inventory 59,312 24,494 $ 58,170S 82,084$ 83,806 57,154 24,930 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Required F Required G Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous 9,000 S 9,000 S 6,750 2,700 700 2,000 2,400 600 9,000 7,290 2,916 700 2,000 2,400 600 24,906 6,250 2,500 700 2,000 2,400 600 Total S&A expenses 23,450$ 24,150 $ Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required ERequired F Required CG Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses October November December Schedule of Cash Payments for S&A Expenses Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses 9,000$ 6,250 9,000 S 9,000 6,750 2,916 700 2,000 2,400 600 24,366 2,500 2,700 700 2,000 2,000 2,400 600 16,500 2,400 600 23,650 $ Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed)* Rent (fixed) Miscellaneous (fixed) $9,000 5% of Sales 2% of Sales $ 7e0 $2,000 $2,400 $ 600 The capital expenditures budget indicates that Camden will spend $82,000 on October 1 for store fixtures, which are expected to have a $10,000 salvage value and a three-year (36-month) useful life Use this information to prepare a selling and administrative expenses budget. f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses g. Camden borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $6,000 cash cushion. Prepare a cash budget. Complete this question by entering your answers in the tabs below. Required A Required B Required CRequired D Required E Required F Required G Camden borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $6,000 cash cushion. Prepare a cash budget (Any repayments/shortage which should be indicated with a minus sign.) Show lessA Cash Budget October Novomber December Beginning cash balance Add: Cash receipts Cash available Less: Payments $ 23,352 139,320 162,672 50,000 129,000 50,000 129,000 For inventory purchases 83,100 81,648 84,732 83,100 81,648 84,732 Total budgeted payments Payments minus receipts (33,100) 47,352 77,940 Financing activity (32,000) Borrowing (repayment) Ending cash balance (24,000) S (33,100)23,352$ 45,940 Required information [The following information applies to the questions displayed below.] Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks h. Prepare a pro forma income statement for the quarter i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter Complete this question by entering your answers in the tabs below. Required H Required I Required 1 Prepare a pro forma income statement for the quarter CAMDEN COMPANY Pro Forma Income Statement For the Quarter Ended December 31, 2019 Sales revenue Cost of goods sold Gross margin $ 405,800 243,480 162,320 72,506 89,814 2,150 87,664 elling and administrative expenses Operating income nterest expense et income Required information The following information applies to the questions displayed below] Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter j. Prepare a pro forma statement of cash flows for the quarter Complete this question by entering your answers in the tabs below. Required H Required I Required1 Prepare a pro forma balance sheet at the end of the quarter. (Amounts to be deducted should be indicated by a minus sign.) CAMDEN COMPANY Pro Forma Balance Sheet December 31, 2019 Assets 6,604 6,000 87,480 Cash Inventory Accounts receivable Store fixtures Accumulated depreciation Book value of fixtures 82,000 (6,000) 76,000 $ 176,084 Total assets Liabilities Accounts payable Line of credit liability 25,420 63,000 Equity Retained earnings 87,664 Total liabilities and equity $ 176,084 Required information [The following information applies to the questions displayed below. Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter Complete this question by entering your answers in the tabs below. Required H RequiredRequired 3 Prepare a pro forma statement of cash flows for the quarter. (Amounts to be deducted should be indicated by a minus sign.) CAMDEN COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, 2019 Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Cash flow from financing activities Required information [The following information applies to the questions displayed below] Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter Complete this question by entering your answers in the tabs below. Required H Required I Required J Prepare a pro forma statement of cash flows for the quarter. (Amounts to be deducted should be indicated by a minus sign.) CAMDEN COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, 2019 Cash flows from operating activities Cash payments for inventory Cash payments for rent Cash receipts from customers Ending cash balance Net inflow from line of credit