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Open the file Select save and choose the save destination Open the file from where you saved it Use the information from the separate word file complete the excel template. YOU MAY ONLY USE CELL REFERENCES AND FORMULAS TO COMPLETE THE PROBLEM. IF YOU TYPE IN THE AMOUNTS THEY WILL BE COUNTED WRONG. SAVE THE FILE. UPLOAD THE FILE TO BLACKBOARD BY THE DUE DATE. Waterways Continuing Problem (This is a continuation of the Waterways Problem from Chapters 1 through 8.) WCP9 Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. Waterways gathered the fol- lowing information from the managers. Sales Unit sales for November 2013 112,500 Unit sales for December 2013 102,100 Expected unit sales for January 2014 113,000 Expected unit sales for February 2014 112,500 Expected unit sales for March 2014 116,000 Expected unit sales for April 2014 125,000 Expected unit sales for May 2014 137,500 Unit selling price $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale. and 15% of the Accounts Receivable are collected in the month after sale. Accounts receiv- able on December 31, 2013, totaled $183,780. Direct Materials Item Amount Used per Unit Inventory, Dec. 31 Metal 1 lb @ 584 per lb. 5,177.5 lbs Plastic 12 oz @ 6 per oz 3,883.125 lbs Rubber 4 oz @ 5 per oz 1,294.375 lbs 2 lbs per unit 10,355.0 lbs Metal, plastic, and rubber together are 75 per pound per unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Pavable on December 31, 2013, totaled $120.595. Raw Materials on December 31, 2013. totaled 11 295 pounds. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Salaries Depreciation Property taxes Insurance Janitorial 30 per labor hour 50 per labor hour 45 per labor hour 254 per labor hour $42,000 per month $16,800 per month $ 2,675 per month $ 1,200 per month $ 1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.60. Advertising $15.000 a month Insurance $ 1.400 a month Salaries $72,000 a month Depreciation $ 2,500 a month Other fixed costs $ 3,000 a month Other Information The Cash balance on December 31, 2013, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2014. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February. Instructions For the first quarter of 2014, do the following. (a) Prepare a sales budget. (b) Prepare a production budget. (c) Prepare a direct materials budget. (Round to nearest dollar) (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) (e) Prepare a manufacturing overhead budget. (Round amounts to the nearest dollar) (D) Prepare a selling and administrative budget. (g) Prepare a schedule for expected cash collections from customers. (h) Prepare a schedule for expected payments for materials purchases. (Round totals to nearest dollar) (i) Prepare a cash budget. 1 Chapter 9 Waterways Continuing Problem Waterway Corporation Sales Budget For the First Quarter of 20xx First Quarter January February Value Value Value Cell Reference Formula Formula March Value Cell Reference Formula Quarter Formula Cell Reference Formula 8 9 10 Expected unit sales 11 Title 12 Title 13 14 15 16 17 18 19 20 Title 21 Title 22 Total required units 23 Title 24 Title 25 Waterway Corporation Production Budget For the First Quarter of 20xx First Quarter January February Cell Reference Cell Reference Value Value Formula Formula Formula Cell Reference Formula Formula March Cell Reference Value Formula Cell Reference Quarter Formula Cell Reference Formula Cell Reference Formula Formula 30 31 32 33 34 35 Units to be produced 36 Title 37 Total pounds needed for production 38 Title 39 Total materials required 10 Title 11 Title 42 Title 43 Total Cost of direct materials purchases 14 Waterway Corporation Direct Materials Budget For the First Quarter of 20xx First Quarter January February Cell Reference Cell Reference Value Value Formula Formula Value Value Formula Formula Value Cell Reference Formula Formula Value Value Formula Formula March Cell Reference Value Formula Value Quarter Formula Value Formula Cell Reference Formula Cell Reference Formula Value Formula Formula Cell Reference Forepla Value Formula Waterway Corporation Direct Labor Budget For the First Quarter of 20xx First Quarter January February Cell Reference Cell Reference Value Value Formula Formula Value Value Formula Formula 5 Title 6 Title 7 Total required direct labor-hours 8 Title 9 Total direct labor costs 0 March Cell Reference Value Formula Value Quarter Formula Value Formula Value Formula Formula Waterway Corporation Manufacturing Overhead Budget For the First Quarter of 20xx First Quarter January February March Quarter Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Variable Costs Title Title Title D Title 1 Title 2 Fixed Costs 3 Title 1 Title 5 Title 6 Title 7 Title 8 Fixed manufacturing overhead 9 Title 0 1 Total manufacturing overhead 2 Direct labor hours 13 Predetermined overhead rate for the quarter 4 Value Value Value Value Value Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Waterway Corporation Selling and Administrative Expense Budget For the First Quarter of 20xx First Quarter January February Cell Reference Cell Reference Value Cell Reference Formula Formula Budget sales in units Title March Cell Reference Cell Reference Quarter Formula Cell Reference Formula Formula Title Fixed expenses Title Title Title Title Title Value Value Value Value Value Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Title Total S&A expenses 1 March Accounts Receivable, 12/31/13 5 Title 6 Title 7 Title 8 Total cash collections Schedule of Expected Collections from Customers January February Value Formula Formula Formula Formula Formula Formula Formula Formula March h13 1114 115 Accounts Payable, 12/31/13 116 Title 117 Title 118 Title 119 Total payments 120 Schedule of Expected Payment for Direct Materials January February Value Formula Formula Formula Formula Formula Formula Quarter Formula Formula Formula Formula Formula Formula Formula 17 Waterway Corporation Cash Budget For the First Quarter of 20xx First Quarter January February Value Cell Reference March Cell Reference Quarter Cell Reference Cell Reference Formula Cell Reference Formula Cell Reference Formula Formula Formula Formula Cell Reference Formula Formula Beginning cash balance Add: Receipts Title Total available cash Less: Disbursements Title Title Title Title Equipment Purchase Title Total disbursements Excess (deficiency) of available cash over cash disbursements Financing Title Title Interest Ending cash balance Formula Cell Reference Formula Formula Value Cell Reference Formula Formula Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Value Formula Cell Reference Formula Formula Formula Formula Formula Value Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula