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please do the 4 requirements Slattery Corner Shoppe is a local convenience store with the following information: 1 (Click the icon to view the information.)
please do the 4 requirements
Slattery Corner Shoppe is a local convenience store with the following information: 1 (Click the icon to view the information.) Read the requirements 2 Requirement 1. Prepare the sales budget for November and December Slattery Corner Shoppe Sales Budget Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December Slattery Corner Shoppe Cost of Goods Sold, Inventory, and Purchases Budget Requirement 3. Prepare the operating expense budget for November and December Slattery Corner Shoppe Operating Expenses Budget Fnr tha Rnandtan -raumand. Requirement 4. Prepare the budgeted income statement ror november and December. (Use the traditional format) Sales are projected to go up by 5% in November (from the October sales) and another 25% in December (from the November sales) and then return to the October level in January 20% of sales are made in cash, while the remaining 80% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 1% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily - Slattery Corner Shoppe's gross profit is 20% of its sales revenue. - For the next several months, the store wants to maintain an ending merchandise inventory equal to $11,000+10% of the next month's cost of goods sold The September 30 inventory was $29,400 - Expected monthly operating expenses include: - Wages of store workers are $8,700 per month - Utilities expense of $1,700 in November and $2,300 in December - Property tax expense of $2,400 per month - Property and liability insurance expense of $1,200 per month - Depreciation expense of $7,500 per month - Transaction fees, as stated above, are 1% of credit and debit card sales Step by Step Solution
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