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The information given below is the Bengals Company's beginning balance sheet, estimates and policies, and the partially completed Master Budget for July and August. Use the information to answer the 22 Multiple Choice Questions, each asking for a missing number from the Master Budget. ASSETS Current Assets Cash Accounts Receivable Prepaid Insurance Inventory Total Current Assets Bengals Company Balance Sheet As of June 30, 2020 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities $5,000 Accounts Payable $11.000 15,000 Commissions Payable 1,300 Income Taxes Payable 1,600 Dividends Payable 21,600 Total Current Liabilities 15,800 3.500 Long-term debt 70,000 Property Plant & Equipment Land Equipment Accumulated Depreciation Net PP & E 60,400 85.000 (22.000) 123,400 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 49.200 10,000 59.200 Total Assets $ 145,000 Total Liabilities & SE S 145,000 1. Expected sales are 550.000, 564,000, and $72,000, respectively in July August, and September, All sales are on credit. 2. The company collects 75% of sales in the month of the sale and 25% in the month after the sale. 3. The cost of goods sold is equal to 35% of sales 4. The company desites an ending inventory equal to 20% of the next month's cost of goods sold. 3. All purchases of inventory are on credit. The company pays for 80% of its purchases in the month of the purchase and 20% in the month after the purchase 6. The company pays a sales commission to its sales staff that is paid in the month after it is comed 7. The company also incus utiles expense that is equal to 5300 plus 1" of sales. This expense is MacBook A Equipment Accumulated Depreciation Net PP & E 85,000 (22,000) 123,400 Common Stock Retained Earnings Total Stockholders' Equity 49,20 10,00 59,20 Total Assets $ 145,000 Total Liabilities & SE $ 145,000 1. Expected sales are $50,000, $64,000, and $72,000, respectively in July, August, and September. All sales are on credit. 2. The company collects 75% of sales in the month of the sale and 25% in the month after the sale. 3. The cost of goods sold is equal to 55% of sales. 4. The company desires an ending inventory equal to 20% of the next month's cost of goods sold. 5. All purchases of inventory are on credit. The company pays for 80% of its purchases in the month of the purchase and 20% in the month after the purchase. 6. The company pays a 3% sales commission to its sales staff that is paid in the month after it is earned. 7. The company also incurs a utilities expense that is equal to $300 plus 1% of sales. This expense is paid in the month it is incurred. 8. Other Selling and Administrative Expenses, paid in the month they are incurred, include Advertising S1,100 per month. Salaries $1,400 per month and Depreciation S900 per month. 9. On July 1 the company purchased an insurance policy covering 24 months for $12.000. 10. The company pays interest on its long-term debt at the end of each month. Interest is equal to 19 of the balance of long-term debt at the beginning of the month 11. On August 10 the company will pay cash for Land, costing $6.500. 12. On July 27 the company will declare a cash dividend of $5.000 and will pay it in August 13. The company requires a minimum cash balance of $5,000 and will use any cash surplus to pay down long-term debt. The company borrows cash in $1,000 increments. Bengals Company Sales Budget S&A Expenses Budget August September MacBook Bengals Company Sales Budget S&A Expenses Budget July August September July August Variable Selling & Admin Expenses Sales Commissions Credit Sales $50,000 $ 64,000 $ 72,000 Utilities Total Variable S&A Expenses 2,000 25,600 Cash Receipts: From Current Month Sales From Prior Month Sales Total Cash Receipts Inventory Purchases Budget COGS Desired Ending Inventory Total Inventory Needed Beginning Inventory Inventory Purchases Fixed Selling & Admin Expenses (1) $ 60.500 Utilities Advertising 1.100 1,100 Salaries 1,400 1,400 Depreciation 900 900 July August September Insurance (8) Total Fixed S&A Expenses 4,200 4,200 $ 35,200 $39.600 Cash Payments for SSA Expenses Sales Commissions Utilities 800 960 (2) $ 35.000 Advertising 1.100 1.100 Salaries 1.400 1,400 Depreciation 16 $ 26,352 Insurance (7) 11.000 Total Payments for S&A Expenses $16.500 5 4,940 $37.352 ( Cash Payments for Purchases For Current Month Purchases For Prior Month Purchases Total Cash Payments Cash Budget Income Statement July beginning July August 150.000 584,000 60 500 Var Costa Cash Budget Income Statement July August July August $50,000 $ 64,000 Beginning Balance Cash Receipts Total Cash Avaliable 60,500 57,500 (11) 37,352 Sales Less: Variable costs COGS Variable SEA Expenses Contribution Margin Less Fited Costs Fixed SAA Expenses Interest Expense Pre-tax income Los Income Taxes Net Income Cash Payments: For Inventory Purchases For SA Expenses For interest For Stock Investment For Land For Dividends For Taxes Total cash payments (0) $ 15,000 $21,200 3,900 5,320 $11.700 1 15.900 58.152 Surplus Dei Wewe Borrowing payment Ending Cash Balance 6.000 9.250 (10) 5,000 Balance Sheet August Jun August ASSETS LABILMES & STOCKHOLDERS EQUITY Current Les Account Pay Patie come a Onda your current 1 300 co 1141 120 MacBook All esc 20 F3 988 1 17