Need help with this please! I have the excel sheet I can send you also.

ACC 2362 Managerial Accounting: Excel Project #3 - Chap. 9 - Master Budget - Merchandising Company Required: Prepare a master budget for Bobcat Boutique for the second quarter of 2016. The following component budgets must be included: 1. 2. 3. 4. 5. 6. 7. 8. 9. Sales Budget Cost of Goods Sold, Inventory and Purchases Budget Operating Expense Budget Budgeted Income Statement Schedule of Expected Cash Collections Schedule of Expected Cash Disbursements - Merchandise Purchases Schedule of Expected Cash Disbursements - Operating Expenses Combined Cash Budget Budgeted Balance Sheet ACC 2362 Managerial Accounting: Excel Project #3 - Chap. 9 - Master Budget - Merchandising Company Bobcat Boutique is a merchandising business located downtown in San Marcos, Texas. The owners are Texas State alumni and they would like to maximize their profits. They understand that accurate budgeting will help obtain this goal. The company is completing its second year of operations and is preparing to build its master budget for the second quarter. The budget will detail each quarter's activity and the total for the quarter. The master budget will be based on the following information: a. Sales were budgeted at $50,000 for September. Expected sales are $60,000 for October, $72,000 for November, $90,000 for December, and $48,000 for January. b. The gross margin is 25% of sales. c. Sales are projected to be 60% for cash and 40% on credit. Credit sales are collected in the month following the sale. The September accounts receivable are a result of the September credit sales. There are no bad debts. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. Merchandise Inventory Purchases are paid as follows; 50% of a month's inventory purchases is paid for in the month of purchase; the other 50% is paid for in the following month. The accounts payable at September 31 are the result of September purchases of inventory. f. Monthly operating expenses are as follows: commissions are 12% of sales; rent is $2,500 per month, other operating expenses (excluding depreciation) are 6% of sales. Assume these expenses are paid monthly. Deprecation is $900 per month. g. Equipment costing $1,500 will be purchased for cash in October. 1 h. Income tax is estimated to be 28% of operating income. Estimated taxes are accrued each month and paid in cash in the last month of the quarter. i. Management would like to maintain a minimum cash balance of at least $3,000 at the end of each month. The boutique has an agreement with a local bank that allows them to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. They would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. j. The balance sheet as of September 31, is as follows: Assets Cash Accounts Receivable Inventory Plant & Equipment, net Total assets September 31 $8,000 20,000 36,000 120,000 $184,000 Liabilities & Equity Accounts Payable Retained Earnings Total liabilities & equity $21,750 162,250 $184,000 2 October November December Total Budgeted Sales Revenue Cash Sales Credit Sales Total Sales Revenue Budgeted Cost of Goods Sold Desired Ending Inventory Total Needs Beginning Inventory Required Purchases Variable Operating Expenses: Commissions Other Operating Expenses Total Variable Operating Expenses Fixed Operating Expenses: Rent Depreciation Total Fixed Operating Expenses Total Operating Expense Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Expense Income Taxes Net Income Collections of: Cash Sales Credit Sales Total Collections Payments of: Current Month Purchases Prior Month Purchases Total Payments - Merchandise Inventory Purchases Commissions Rent Other Operating Expenses Total Payments - Operating Expenses Beginning Cash Balance Cash Collections Cash Available Cash Payments: Merchandise Inventory Purchases Operating Expenses Equipment Purchase Income Taxes Ending Cash Balance before Financing New Borrowings Debt Repayments Interest Payments Ending Cash Balance after Financing Cash Accounts Receivable Inventory Plant & Equipment, net Total assets Accounts Payable Retained Earnings Total liabilities & equity Assumptions - Bobcat Boutique Expected Sales September October November December January Cash Sales Credit Sales Gross Margin CGS DEI Operating Expenses: Commissions Other Operating Expense Rent Depreciation of sales of sales following month CGS of sales of sales Inventory Purchases paid month of purchase paid one month after purchase Equipment Purchase in October Assets Cash Accounts Receivable Inventory Plant & Equipment, net Liabilities & Equity Accounts Payable Retained Earnings Income Tax Rate of Operating Income New Borrowings October November Loan Interest Rate per month