Need help with two practice test. Please put in excel so I can follow along and see what I have been doing wrong.

Following are the budgeted income statements for the second quarter of 2016 for SeaTech, Inc.: Sales Cost of goods sold* Gross profit Operating expenses Operating income * April $ 238,000 163,200 $ 74,800 37,400 May $ 289,000 193,800 $ 95,200 42,500 June $ 323,000 214,200 $ 108,800 45,900 $ 37,400 $ 52,700 $ 62,900 Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead). Includes all period costs (i.e., selling, general, and administrative expenses). The company expects about 30% of sales to be cash transactions. Of sales on account, 60% are expected to be collected in the first month after the sale is made, and 40% are expected to be collected in the second month after sale. Depreciation, insurance, and property taxes represent $20,400 of the estimated monthly cost of goods sold and $13,600 of the estimated monthly operating expenses. The annual insurance premium is paid in January, and the annual property taxes are paid in August. Of the remainder of the cost of goods sold and operating expenses, 80% are expected to be paid in the month in which they are incurred, and the balance is expected to be paid in the following month. Current assets as of April 1, 2016, consist of cash of $23,800 and accounts receivable of $254,660 ($178,262 from March credit sales and $76,398 from February credit sales). Current liabilities as of April 1 consist of $30,600 of accounts payable for product costs incurred in March; $7,820 of accrued liabilities for operating expenses incurred in March; and a $68,000, 15%, 120-day note payable that is due on April 17, 2016. An estimated income tax payment of $68,000 will be made in May. The regular quarterly dividend of $27,200 is expected to be declared in May and paid in June. Capital expenditures amounting to $29,240 will be made in April. Required: a. Complete the monthly cash budgets for the second quarter of 2016 using the following format. Note that the ending cash balance for June is provided as a check figure. (Use 360 days year for calculations.) SEATECH, INC. Cash Budget For the months of April, May, and June, 2016 April Beginning cash balance $ May June 23,800 Cash Receipts: From cash sales made in current month From credit sales made in: February $ 0 March April $ May $ 0 $ 23,800 Total cash available $ 0 $ 0 0 0 $ 0 $ Cash Disbursements: For cost of goods sold/operating expenses incurred in: March April May June For payment of note payable and interest For capital expenditures For payment of income taxes For payment of dividends Total disbursements $ 0 $ 0 $ 0 Ending cash balance $ 23,800 $ 0 $ 37,400 b. Assume that management of SeaTech, Inc., desires to maintain a minimum cash balance of $18,800 at the beginning of each month and has arranged a $100,000 line of credit with a local bank at an interest rate of 11% to ensure the availability of funds. Borrowing transactions are to occur only at the end of months in which the budgeted cash balance would otherwise fall short of the $18,800 minimum balance. Repayments of principal and interest are to occur at the end of the earliest month in which sufficient funds are expected to be available for repayment. (Do not round intermediate calculations. Use 360 days year for calculations.) SEATECH, INC. Cash Budget For the months of April, May, and June, 2016 April Beginning cash balance May June $ 23,800 $ 23,800 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Cash Receipts: From cash sales made in current month From credit sales made in: February March April May Total cash available Cash Disbursements: For cost of goods sold/operating expenses incurred in: March April May June For payment of note payable and interest For capital expenditures For payment of income taxes For payment of dividends Total disbursements Excess (deficiency) of cash available over disbursements Borrowings Repayments Interest Ending cash balance References eBook & Resources eBook: Prepare a cash budget. Check my work Freese, Inc., is in the process of preparing the fourth quarter budget for 2016, and the following data have been assembled: The company sells a single product at a price of $59 per unit. The estimated sales volume for the next six months is as follows: September October November December January February 16,900 15,600 18,200 26,000 11,700 13,000 units units units units units units All sales are on account. The company's collection experience has been that 30% of a month's sales are collected in the month of sale, 68% are collected in the month following the sale, and 2% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $678,028 on September 30, 2016. Management's policy is to maintain ending finished goods inventory each month at a level equal to 30% of the next month's budgeted sales. The finished goods inventory on September 30, 2016, is expected to be 4,680 units. To make one unit of finished product, 3 pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 40% of the next month's estimated usage. The raw materials inventory is expected to be 19,656 pounds on September 30, 2016. The cost per pound of raw material is $6, and 70% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable for raw material purchases is expected to be $88,873 on September 30, 2016. Required: a. Prepare a sales budget in units and dollars, by month and in total, for the fourth quarter (October, November, and December) of 2016. October November December Total Expected sales in units Selling price per unit Total sales b. Prepare a schedule of cash collections from sales, by month and in total, for the fourth quarter of 2016. Cash collections from: October November December Total September sales October sales November sales December sales Total cash collections $ 0 $ 0 $ 0 $ 0 c. Prepare a production budget in units, by month and in total, for the fourth quarter of 2016. October November December Total Beginning inventory of finished goods Units to be produced Goods available for sale 0 0 0 0 0 0 0 0 Desired ending inventory of finished goods Quantity of goods sold d. Prepare a materials purchases budget in pounds, by month and in total, for the fourth quarter of 2016. October November December Total Beginning inventory of raw materials Purchases of raw materials Raw materials available for use 0 0 0 0 0 0 0 0 Desired ending inventory of raw materials Quantity of raw materials to be used in production e. Prepare a schedule of cash payments for materials, by month and in total, for the fourth quarter of 2016. (Do not round intermediate calculations.) Cash payments for: October November December Total September purchases October purchases November purchases December purchases $ Total cash payments References 0 $ 0 0 $ 0 eBook & Resources Worksheet Learning Objective: 14-04 Demonstrate the impact of the sales forecast (or revenue budget) on the overall operating budget. Difficulty: 3 Hard Learning Objective: 14-05 Prepare a purchases/production budget. Check my work $ Learning Objective: 14-08 Prepare a cash budget