Need help with selling & admin budget, cost of goods sold budget, budgeted income statement and cash budget!

These questions coming from the "I see the light" Cybertext

The following info is given:

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And with following info, prepare the cash budget

I See The Light Projected Balance Sheet As of December 31, 20x1 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 $ 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 20,000.00 6,800.00 $ 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ I See The Light, Inc Schedule of Projected Costs Variable Manufacturing Unit Cost 20x 1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places Lamp Kit Labor Variable Overhead $16.40 $2.05 $2.05 {4.01) {4.02) {4.03) Projected Variable Manufacturing Cost Per Unit $20.50 {4.04) Total Variable Cost Per Unit 20x 1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost 2.50% 2% 3.08 | 2.04 20.50 {4.05) {4.06) (4.04) Projected Total Variable Cost Per Unit 30 25.62 {4.07) Schedule of Fixed Costs 20x1 Cost 20x2 Cost Projected Percent Increase 270,000.00 {4.08) lamps @_) Fixed Overhead (normal capacity of __ Fixed Selling Fixed Administrative S 25,000.00 44,000.00 {4.09) {4.10) Projected Total Fixed Costs $ 339,000.00 {4.11) 6 Selling and Admin. Budget {9.04) Fixed Selling Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, $##.##) {9.05) {9.06) Round dollars to two places, $##.## $ 90,000.00 {9.07) VUSTUI Goods Sold Budget - Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production {9.08) Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold {9.09 {9.10) {9.11) {9.12) {9.13) {9.14) 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income {10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 1. 17.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February. 2. 81.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $140,000. I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places, str. Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) (10.03) (10.04) {10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) (10.08) Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) (10.09) Budgeted Cash Balance {10.103 I See The Light Projected Balance Sheet As of December 31, 20x1 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 $ 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 20,000.00 6,800.00 $ 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ I See The Light, Inc Schedule of Projected Costs Variable Manufacturing Unit Cost 20x 1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places Lamp Kit Labor Variable Overhead $16.40 $2.05 $2.05 {4.01) {4.02) {4.03) Projected Variable Manufacturing Cost Per Unit $20.50 {4.04) Total Variable Cost Per Unit 20x 1 Cost Projected Percent Increase 20x2 Cost Rounded to 2 Decimal Places Variable Selling Variable Administrative Projected Variable Manufacturing Unit Cost 2.50% 2% 3.08 | 2.04 20.50 {4.05) {4.06) (4.04) Projected Total Variable Cost Per Unit 30 25.62 {4.07) Schedule of Fixed Costs 20x1 Cost 20x2 Cost Projected Percent Increase 270,000.00 {4.08) lamps @_) Fixed Overhead (normal capacity of __ Fixed Selling Fixed Administrative S 25,000.00 44,000.00 {4.09) {4.10) Projected Total Fixed Costs $ 339,000.00 {4.11) 6 Selling and Admin. Budget {9.04) Fixed Selling Variable Selling (Round to two places, $##.##) Fixed Administrative Variable Administrative (Round to two places, $##.##) Total Selling and Administrative (Round to two places, $##.##) {9.05) {9.06) Round dollars to two places, $##.## $ 90,000.00 {9.07) VUSTUI Goods Sold Budget - Beginning Inventory, Finished Goods Production Costs: Materials: Lamp Kits: Beginning Inventory Purchased Available for Use Ending Inventory of Lamp Kits Lamp Kits Used In Production {9.08) Total Materials: Labor Overhead Cost of Goods Available Less: Ending Inventory, Finished Goods Cost of Goods Sold {9.09 {9.10) {9.11) {9.12) {9.13) {9.14) 7 Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin. Expenses Net Income {10.01) 8 Cash Budget Assume actual cash receipts and disbursements will follow the pattern below. (Note: Receivables and Payables of 12/31/x1 will have a cash impact in 20x2.) 1. 17.00% of sales for the year are made in November and December. Since our customers have 60 day terms those funds will be collected be collected in January and February. 2. 81.00% of material purchases will be paid during the year, the remaining portion will be paid in Januay or February 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 20x2, $140,000. I See The Light Projected Cash Budget For the Year Ending December 31, 20x2 Round dollars to two places, str. Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) Sales made and collected in 20x2 Cash Available (10.02) (10.03) (10.04) {10.05) Cash Outflows: Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 20x2 Other Manufacturing Costs Direct Labor Total Manufacturing Overhead Selling and Administrative Less: Depreciation Total Cash Outflows (10.06) (10.07) (10.08) Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) (10.09) Budgeted Cash Balance {10.103