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Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: 52,000 Cash $ 209,600 Accounts receivable 59,550 362,000 Inventory Buildings and equipment (net) Accounts payable Common stock 88,725 $ 500,000 94,425 Retained earnings $ 683,150 $ 683,150 b. Actual sales for December and budgeted sales for the next four months are as follows: 2:32 December(actual) $262,000 January $397,000 February $594,000 March $308,000 April $205,000 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. e. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month: advertising, $67,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $44,020 for the quarter. f. Each month's ending inventory should equal 25% of the following month's cost of goods sold g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month. h. During February, the company will purchase a new copy machine for $2,200 cash. During March, other equipment will be purchased for cash at a cost of $76,000. i. During January, the company will declare and pay $45,000 in cash dividends. J. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: Schedule of Expected Cash Collections January February March Quarter Cash sales $ 79,400 $ 118,800 $ 61,600 $ 259,800 Credit sales 209,600 317,600 475,200 1,002,400 Total collections $ 289,000 $ 436,400 $ 536,800 $ 1,262,200 Check Figure: Total Cash Collections for the Quarter $ 1,262,200 2-a. Merchandise purchases budget: Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold 238,200 $ 356,400 $ 184,800 $ 779,400 Add desired ending inventory 89, 100+ 46,200 30,750 30,750 Total needs 327,300 402,600 215,550 810,150 Less beginning inventory 59,550 89,100 46,200 59,550 Required purchases $ 267,750 $ 313,500 $ 169,350 $ 750,600 Check Figure: Total Merchandise Purchases for the Quarter $ 750,600 *$397,000 sales * 60% cost ratio = $238,200. +$356,400 x 25% = $89,100. 2-b. Schedule of expected cash disbursements for merchandise purchases: Schedule of Expected Cash Disbursements for Merchandise Purchases January February March Quarter December purchases $ 88,725 $ 88,725 January purchases 133,875 133,875 267,750 February purchases 156,750 156,750 313,500 March purchases 84,675 84,675 Total cash disbursements for purchases $ 222,600 $ 290,625 $ 241,425 $ 754,650 Check Figure: Total Quarterly Cash Disbursements for Merchandise $ 754,650 3. Cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Quarter Hillyard Company Cash Budget January February March Beginning cash balance $ 52,000 Add cash collections 289,000 Total cash available 341,000 Less cash disbursements: Purchases of inventory 222,600 Selling and administrative expenses 125,760 Purchases of equipment Cash dividends 45,000 Total cash disbursements 393,360 Excess (deficiency) of cash (52,360) Financing: Borrowings Repayments Interest Total financing Ending cash balance Check Figure for January $ 30,640 Check Figure for the Quarter $ 47,940