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Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed) Rent (fixed) Miscellaneous (fixed) $18,100 4 % of Sales 2 % of Saes $1,500 $ 4,100 $ 4,900 $1,300 The capital expenditures budget indicates that Baird will spend $119,400 on October 1 for store fixtures, which are expected to have a $21,000 salvage value and a two-year (24-month) useful life Use this information to prepare a selling and administrative expenses budget. f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses g. Baird borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $13,000 cash cushion. Prepare a cash budget. Cash Budget October November December Beginning cash balance Add: Cash receipts Cash available Less: Payments 13,980 324,000 337,980 388,800 388,800 120,000 120,000 For inventory purchases For selling and administrative expenses Purchase of store fixtures Interest expense 208,320 30,300 119,400 261,744 45,000 255,632 48,840 358,020 306,744 304,472 Total budgeted payments Payments minus receipts (238,020) Surplus (shortage) Financing activity 31,236 84,328 Borrowing (repayment) 252,000 $13,980$ 31,23684,328 Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14-2, 14-3, 14-4,14-5, 14-6 The following information applies to the questions displayed below.] Baird Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Problem 14-23 Part 1 Required a. October sales are estimated to be $300,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. sale. Prepare a schedule of cash receipts. percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $12,100. Assume b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the c. The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the following month. Prepare a cash payments budget for inventory purchases e. Budgeted selling and administrative expenses per month follow