please explain step by step please explain step by step I hope this is clear enough to see You have just been hired as a new management tainee by Earrings Unitmited, a distributor of earrings to vanous retail outlets located in shopping malls across the country In the past, the company has done very little in the way of budgeting and ot certain times of the year has expentenced a shortage of cash Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter To this end, you have worked with accounting and othet areas to gather the information assembied below The company sells many styles of earrings, but all are soid for the same pace $15 per pair Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earnngs) The concentraton of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40 of the earrings sold in the following month Suppliers are paid $5 10 for a pair of earrings One half of a month's purchases is pald for in the month of purchase the other haif is pald for in the followng month All sales are on credit Only 20 of a month's sales are collected in the month of sale Ar adoltional 70 is collected in the followng morth, and the remaining 10 is collected in the second month followang sale Bad debts have been neginglble Monthly operating expenses for the company are given below Insurance is paid on an annual basis, in November of each year The company plans to purchase $21,500 in new equipment during May and $51,000 in new equipment during June beth purchases Will be for cash The company declares dividends of $23,250 each quarter, payable in the first month of the following quarter The comparry's balance sheet as of March 3 is given below The company maintainc a minimum cash balance of $61,000 All borrowing is done at the beginning of a month, any repayments are made at the end of a month The compary hos an agreement with a bank that alows 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 simplicty we will assume that interest is not compounded At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the ioan as possible fin increments of $1,0000, while stll retaining at least $61,000 in cosh Required Prepare a master budget for the three month penod ending June 30 Include the following detalled schedules 1 a A sales budget, by month and in total b A schedule of expected cash collections, by month and in total c A merchandise purchases budget in units and in dollars Show the budget by month and in total d A schedule of expected cash disbursements for merchandise purchases, by month and in total 2 A cash budget Show the budget by month and in total Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000 3 A budgeted income statement for the three month period ending June 30 Use the contribution approach 4 A budgeted balance sheet as of June 30 Complete this question by entering vour answers in the tabs below Prepare a master budget for the three month perisd ending June 30 that includes a sales budget by month and in total Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash collections, by month and in total Prepare a master budget for the three month period ending June 30 that includes a merchandise purchases budget in units and in dollars Show the budget by month and in total (Round unit cost to 2 decimal places ) Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash disbursements for merchandise purchases, by month and in total Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending June 30 that indudes a cash budget Show the budget by month and in total Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000 (Cash deficiency, repayments and interest should be indicated by a minus sian ) Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending June 30 that includes a budgeted income statement for the three month period ending June 30 Use the contribution approach Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending lune 30 that includes a budgeted balance sheet as of June 30 You have just been hired as a new management trainee by Earrings Uniimited, a distributor of earrings to various retail outlets locatein shopping malls across the country In the post, the company has done very limle in the way of budgeting and at certain times of the year has experienced a shortage of cash Since you are well trained in budgeting you have decided to prepare a master budget for the upcoming second quarter To this end you heve worked with accourting and other areas to gather the information assembled below The company selis many styles of earrings, but all are sold for the same price $15 per pair Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings) The concentration of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40 of the earrings sold in the following month Suppliers are paid $5 10 for a pair of earrings One half of a month's purchases is paid for in the month of purchase the other half is paid for in the following month All sales are on credit Only 20 of a month's sales are collected in the month of sale An additional 70 is collected in the following month, and the remaining 10 is collected in the second month following sale Bad debts have been negligible Monthly operating expenses for the company are given below Insurance is paid on an annual basis, in November of each year The company plans to purchose $21,500 in new equipment during May and $51,000 in new equipment during June both purchases will be for cash The company declares dividends of $23,250 each quarter, payable in the first month of the following quarter The company's balance sheet as of March 31 is given below The company maintains a minimum cash balance of $61,000 All borrowing is done at the beginning of a month any repayments are made at the end of a month The company maintains a minimum cash balance of $61,000 All borrowing is done at the beginning of a month any repayments are made at the end of a month The company has an agreement with a 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 At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $61,000 in cash Required Prepare a master budget for the three month period ending June 30 Include the following detailed schedules 1 a A sales budget, by month and in total b A schedule of expected cash collections, by month and in total c A merchandise purchases budget in units and in dollars Show the budget by month and in total d A schedule of expected cash disbursements for merchandise purchases, by month and in total 2 A cash budget Show the budget by month and in total Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000 3 A budgeted income statement for the three month period ending June 30 Use the contribution approach 4 A budgeted balance sheet as of June 30 Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending lune 30 that indudes a sales budget, by month and in total Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash collections, by month and in total Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending June 30 that indudes a merchandise purchases budget in units and in dollars Show the budget by month and in total (Round unit cost to 2 decimal places ) Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending June 30 that indudes a schedule of expected cash disbursements for merchandise purchases, by month and in total Complete this question by entering your answers in the tabs below Prepare a master budget for the three month period ending June 30 that indudes a cash budget Show the budget by month and in total Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000 (Cash deficiency, repayments and interest should be indicated by a minus sign ) Prepare a master budget for the three month period ending June 30 that indudes a budgeted income statement for the three month period ending June 30 Use the contribution approach Prepare a master budget for the three month period ending June 30 that indudes a budgeted balance sheet as of June 30

Question

please explain step by step please explain step by step  I hope this is clear enough to see  You have just been hired as a new management tainee by Earrings Unitmited, a distributor of earrings to vanous retail outlets located in shopping malls across the country In the past, the company has done very little in the way of budgeting and ot certain times of the year has expentenced a shortage of cash  Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter  To this end, you have worked with accounting and othet areas to gather the information assembied below  The company sells many styles of earrings, but all are soid for the same pace   $15 per pair  Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earnngs)  The concentraton of sales before and during May is due to Mother's Day  Sufficient inventory should be on hand at the end of each month to supply 40  of the earrings sold in the following month  Suppliers are paid $5 10 for a pair of earrings  One half of a month's purchases is pald for in the month of purchase  the other haif is pald for in the followng month  All sales are on credit  Only 20  of a month's sales are collected in the month of sale  Ar adoltional 70  is collected in the followng morth, and the remaining 10  is collected in the second month followang sale  Bad debts have been neginglble  Monthly operating expenses for the company are given below  Insurance is paid on an annual basis, in November of each year  The company plans to purchase $21,500 in new equipment during May and $51,000 in new equipment during June  beth purchases Will be for cash  The company declares dividends of $23,250 each quarter, payable in the first month of the following quarter  The comparry's balance sheet as of March 3 is given below  The company maintainc a minimum cash balance of $61,000 All borrowing is done at the beginning of a month, any repayments are made at the end of a month  The compary hos an agreement with a bank that alows 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 simplicty we will assume that interest is not compounded  At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the ioan as possible fin increments of $1,0000, while stll retaining at least $61,000 in cosh  Required  Prepare a master budget for the three month penod ending June 30   Include the following detalled schedules  1  a  A sales budget, by month and in total  b  A schedule of expected cash collections, by month and in total  c  A merchandise purchases budget in units and in dollars  Show the budget by month and in total  d  A schedule of expected cash disbursements for merchandise purchases, by month and in total  2  A cash budget  Show the budget by month and in total  Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000 3  A budgeted income statement for the three month period ending June 30  Use the contribution approach  4  A budgeted balance sheet as of June 30   Complete this question by entering vour answers in the tabs below  Prepare a master budget for the three month perisd ending June 30 that includes a sales budget  by month and in total  Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash collections, by month and in total  Prepare a master budget for the three month period ending June 30 that includes a merchandise purchases budget in units and in dollars  Show the budget by month and in total  (Round unit cost to 2 decimal places ) Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash disbursements for merchandise purchases, by month and in total  Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending June 30 that indudes a cash budget  Show the budget by month and in total  Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000  (Cash deficiency, repayments and interest should be indicated by a minus sian ) Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending June 30 that includes a budgeted income statement for the three month period ending June 30   Use the contribution approach  Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending lune 30 that includes a budgeted balance sheet as of June 30   You have just been hired as a new management trainee by Earrings Uniimited, a distributor of earrings to various retail outlets locatein shopping malls across the country  In the post, the company has done very limle in the way of budgeting and at certain times of the year has experienced a shortage of cash  Since you are well trained in budgeting  you have decided to prepare a master budget for the upcoming second quarter  To this end  you heve worked with accourting and other areas to gather the information assembled below  The company selis many styles of earrings, but all are sold for the same price  $15 per pair Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings)  The concentration of sales before and during May is due to Mother's Day  Sufficient inventory should be on hand at the end of each month to supply 40  of the earrings sold in the following month  Suppliers are paid $5 10 for a pair of earrings  One half of a month's purchases is paid for in the month of purchase  the other half is paid for in the following month  All sales are on credit  Only 20  of a month's sales are collected in the month of sale  An additional 70  is collected in the following month, and the remaining 10  is collected in the second month following sale  Bad debts have been negligible  Monthly operating expenses for the company are given below  Insurance is paid on an annual basis, in November of each year  The company plans to purchose $21,500 in new equipment during May and $51,000 in new equipment during June  both purchases will be for cash  The company declares dividends of $23,250 each quarter, payable in the first month of the following quarter  The company's balance sheet as of March 31 is given below  The company maintains a minimum cash balance of $61,000  All borrowing is done at the beginning of a month  any repayments are made at the end of a month  The company maintains a minimum cash balance of $61,000  All borrowing is done at the beginning of a month  any repayments are made at the end of a month  The company has an agreement with a 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  At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $61,000 in cash  Required  Prepare a master budget for the three month period ending June 30   Include the following detailed schedules  1  a  A sales budget, by month and in total  b  A schedule of expected cash collections, by month and in total  c  A merchandise purchases budget in units and in dollars  Show the budget by month and in total  d  A schedule of expected cash disbursements for merchandise purchases, by month and in total  2  A cash budget  Show the budget by month and in total  Determine any borrowing that would be needed to maintain the minimum  cash balance of $61,000  3  A budgeted income statement for the three month period ending June 30   Use the contribution approach  4  A budgeted balance sheet as of June 30   Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending lune 30 that indudes a sales budget, by month and in total  Prepare a master budget for the three month period ending June 30 that includes a schedule of expected cash collections, by month and in total  Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending June 30 that indudes a merchandise purchases budget in units and in dollars  Show the budget by month and in total  (Round unit cost to 2 decimal places ) Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending June 30 that indudes a schedule of expected cash disbursements for merchandise purchases, by month and in total  Complete this question by entering your answers in the tabs below  Prepare a master budget for the three month period ending June 30 that indudes a cash budget  Show the budget by month and in total  Determine any borrowing that would be needed to maintain the minimum cash balance of $61,000  (Cash deficiency, repayments and interest should be indicated by a minus sign ) Prepare a master budget for the three month period ending June 30 that indudes a budgeted income statement for the three month period ending June 30  Use the contribution approach  Prepare a master budget for the three month period ending June 30 that indudes a budgeted balance sheet as of June 30

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please explain step by step please explain step by step. I hope this is clear enough to see. You have just been hired as a

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