Please answer requirement 5-7.

w 1 Data Table . . . October sales are projected to be $320,000. Sales are projected to increase by 20% in November and another 30% in December and then return to the October level in January 40% of sales are made in cash while the remaining 60% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $46,800. Expected monthly operating expenses and details about payments include the following Wages of store workers should be $7 000 per month and are paid on the last day . . nk mail i Data Table - X . . . . . Utilities expense is expected to be $600 per month in September, October, and November Utilities expense is expected to be $1,200 per month during the colder months of December, January, and February All utility bills are paid the month after incurred. Property tax is $27.600 per year and is paid semiannually each December and June. Property and liability insurance is $20,400 per year and is paid semiannually each January and July Depreciation expense is $156,000 per year the straight-line method used Transaction fees as stated earlier are 5% of credit and debit card sales Cash dividends of $220.000 are to be paid in Decenter Assume the cash balance on October 31 is $45.000 The company wants to maintain a cash balance of at least $45,000 at the end of every month The company has arranged a line of credit with a local bank at a 3% interest rate There is no outstanding debt as of October 31 . . . . Print Done i Requirements Prepare the following budgets for November and December 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget be Print Done Read the fequirements Requirement 1. Prepare the sales budget for November and December Thrifty Dollar Store Sales Budget For the Months of November and December November December Cash sales 153600 192000 Credit sales 230400 288000 384000 480000 Total sales of Requirement 2. Prepare the cost of goods sold inventory, and purchases budget for November and Dec Fa Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December 2304001 288000 Cost of goods sold Plus: Desired ending inventory Total inventory required 61200 66000 291600 354000 Less: Beginning inventory 49800 61200 Purchases 241800 292800 Requirement 3. Prepare the operatina expense budaet for November and December Enter any number in the edit fields and then continue to the next question. Re the tequirements Requirement 3. Prepare the operating expense budget for November and December Thrifty Dollar Store Cash Payments for Operating Expenses Budget For the Months of November and December November December 7000 7000 600 600 2300 Wage expense Utilities expense Property tax expense Property and liability insuranse expense Depreciation expense Croditahit card fosc evnence 2300 1700 1700 13000 13000 11520 14400 a Enter any number in the edit fields and then continue to the next question 37 Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1, 2 and 3. Thrifty Dollar Store Budgeted Income Statement For the Months of November and December December November 384000 Sales revenue 480000 288000 230400 Less Cost of goods sold Gross profit 153600 192000 Less Operating expenses 0 Net income 153600 192000 "a Requirement 5. Prenare the cash collections budget for November and December Thrifty Dollar Store is a local discount store with the following information (Click the icon to view the information) Read the equirement Requirement 5. Prepare the cash collections budget for November and December Review the sales budget prepared in Requirement 1 Thrifty Dollar Cash Collections Budget For the Months of November and December November December Cash sales w Credit sales, not offees Total cash collections Requirement 6. Prepare the cash payments budget for November and December (If no cash payment is made make sure to enter "O" in the appropriate cell) Review the budgets prepared in Requirements 1, 2 and 3 Va -87 Enter any number in the edit helds and then continue to the next question (Click the icon to view the information ) Read the requirement Requirement 6. Prepare the cash payments budget for November and December (If no cash payment is made, make sure to enter "0" in the appropriate cell) Review the budgets prepared in Requirements 1, 2 and 3. Thrifty Dollar Cash Payments for Operating Expenses Budget For the Months of November and December November December Purchases of inventory, 30 day lag Cash payments for wages Cash payments for utilities Cash payments for property taxes Cash payments for dividends Enter any number in the edit fields and then continue to the next question the icon to view the mmato Read the requirement Property and liability insurance Total payments for operating expenses Requirement 7. Prepare the combined cash budget for November and December (Enter a "0" for any zero amounts. Use parentheses or a minus sign for negative cash balances and financing payments.) Review the cash collections and cash payments budgets prepared in Requirements 5 and 6. Thrifty Dollar Combined Cash Budget I For the Months of November and December November December Beginning cash balance Plus Cash collections Total cash available 7 Enter any number in the edit fields and then continue to the next question Read the requirement For the Months of November and December November December Beginning cash balance Plus: Cash collections Total cash available M Less: Cash payments Ending cash balance before financing Financing Plus: New borrowings Less Debt repayments Less Interest payments al Ending cash balance Enter any number in the edit fields and then continue to the next question w 1 Data Table . . . October sales are projected to be $320,000. Sales are projected to increase by 20% in November and another 30% in December and then return to the October level in January 40% of sales are made in cash while the remaining 60% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $46,800. Expected monthly operating expenses and details about payments include the following Wages of store workers should be $7 000 per month and are paid on the last day . . nk mail i Data Table - X . . . . . Utilities expense is expected to be $600 per month in September, October, and November Utilities expense is expected to be $1,200 per month during the colder months of December, January, and February All utility bills are paid the month after incurred. Property tax is $27.600 per year and is paid semiannually each December and June. Property and liability insurance is $20,400 per year and is paid semiannually each January and July Depreciation expense is $156,000 per year the straight-line method used Transaction fees as stated earlier are 5% of credit and debit card sales Cash dividends of $220.000 are to be paid in Decenter Assume the cash balance on October 31 is $45.000 The company wants to maintain a cash balance of at least $45,000 at the end of every month The company has arranged a line of credit with a local bank at a 3% interest rate There is no outstanding debt as of October 31 . . . . Print Done i Requirements Prepare the following budgets for November and December 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget be Print Done Read the fequirements Requirement 1. Prepare the sales budget for November and December Thrifty Dollar Store Sales Budget For the Months of November and December November December Cash sales 153600 192000 Credit sales 230400 288000 384000 480000 Total sales of Requirement 2. Prepare the cost of goods sold inventory, and purchases budget for November and Dec Fa Enter any number in the edit fields and then continue to the next question. Thrifty Dollar Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December 2304001 288000 Cost of goods sold Plus: Desired ending inventory Total inventory required 61200 66000 291600 354000 Less: Beginning inventory 49800 61200 Purchases 241800 292800 Requirement 3. Prepare the operatina expense budaet for November and December Enter any number in the edit fields and then continue to the next question. Re the tequirements Requirement 3. Prepare the operating expense budget for November and December Thrifty Dollar Store Cash Payments for Operating Expenses Budget For the Months of November and December November December 7000 7000 600 600 2300 Wage expense Utilities expense Property tax expense Property and liability insuranse expense Depreciation expense Croditahit card fosc evnence 2300 1700 1700 13000 13000 11520 14400 a Enter any number in the edit fields and then continue to the next question 37 Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1, 2 and 3. Thrifty Dollar Store Budgeted Income Statement For the Months of November and December December November 384000 Sales revenue 480000 288000 230400 Less Cost of goods sold Gross profit 153600 192000 Less Operating expenses 0 Net income 153600 192000 "a Requirement 5. Prenare the cash collections budget for November and December Thrifty Dollar Store is a local discount store with the following information (Click the icon to view the information) Read the equirement Requirement 5. Prepare the cash collections budget for November and December Review the sales budget prepared in Requirement 1 Thrifty Dollar Cash Collections Budget For the Months of November and December November December Cash sales w Credit sales, not offees Total cash collections Requirement 6. Prepare the cash payments budget for November and December (If no cash payment is made make sure to enter "O" in the appropriate cell) Review the budgets prepared in Requirements 1, 2 and 3 Va -87 Enter any number in the edit helds and then continue to the next question (Click the icon to view the information ) Read the requirement Requirement 6. Prepare the cash payments budget for November and December (If no cash payment is made, make sure to enter "0" in the appropriate cell) Review the budgets prepared in Requirements 1, 2 and 3. Thrifty Dollar Cash Payments for Operating Expenses Budget For the Months of November and December November December Purchases of inventory, 30 day lag Cash payments for wages Cash payments for utilities Cash payments for property taxes Cash payments for dividends Enter any number in the edit fields and then continue to the next question the icon to view the mmato Read the requirement Property and liability insurance Total payments for operating expenses Requirement 7. Prepare the combined cash budget for November and December (Enter a "0" for any zero amounts. Use parentheses or a minus sign for negative cash balances and financing payments.) Review the cash collections and cash payments budgets prepared in Requirements 5 and 6. Thrifty Dollar Combined Cash Budget I For the Months of November and December November December Beginning cash balance Plus Cash collections Total cash available 7 Enter any number in the edit fields and then continue to the next question Read the requirement For the Months of November and December November December Beginning cash balance Plus: Cash collections Total cash available M Less: Cash payments Ending cash balance before financing Financing Plus: New borrowings Less Debt repayments Less Interest payments al Ending cash balance Enter any number in the edit fields and then continue to the next