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;arden Sates, Incorporated, usually has to borrow money during the second quarter to support peak sales of lawn care equipment luring May. It gathered the following information to prepare a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for AprilJuly are: 812, 348, 111, ee 6e Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense* Total selling and administrative expenses Net operating income - Includes $34,000 of depreciation each month. 0b. Sales are for cash and 80% on account. April $ G6e,eoe 462,ee 198 , oee 123,ee 51, eoe 174,ee $ 24,e May 69, see $ 167,400 june $ 629,ee 434 , 186,ag 73, 45,209 118, $ 67,80 July $ 53B,eae 371,eee 159,eee 53,ee se,eee 183,eee $ 56,ee c Sales on account are collected over a three-month period with 10% collected in the month of sale, 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of sale. February's sales totaled S290,OOO. and March's sales totaled $305,000. ld. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month. Accounts payable at March 31 for inventory purchases during March total S131_600. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $92,400. t. Dividends of S41.OOO will be declared and paid in April. g. Land costing $49,000 will be purchased for cash in May. - h. The cash balance at March 31 is $63,000: the company must maintain a cash balance of at least $40,000 at the end of each month. i. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $200,000. The interest rate on these loans is 1% per month, and for simplicity we will assume interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end ot The company's president is interested in knowing how reducing inventory levels and collecting accounts receivable sooner will impact the cash budget. He revises the cash collection and ending inventory assumptions as follows: a. Sales continue to be 20% for cash and 80% on credit. However, credit sales from April, May, and June are collected over a three- month period with 25% collected in the month of sale, 65% collected in the month following sale, and 10% in the second month following sale. Credit sales from February and March are collected during the second quarter using the collection percentages specified in the main section. b. The company maintains its ending inventory levels for April, May. and June at 15% of the cost of merchandise to be sold in the following month. The merchandise inventory at March 31 remains $92,400 and accounts payable for inventory purchases at March 31 remains $131,600. Required: 1. Using the president's new assumptions in (a) above, prepare a schedule of expected cash collections for April, May, and June and for the quafter in total. 2. Using the president's new assumptions in (b) above, prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June and for the quarter in total. 3. Using the president's new assumptions, prepare a cash budget for April, May, and June, and for the quarter in total. Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in totaL the quarter. Complete this question by entering your answers in the tabs below. 2A Required 2B Required 3 Required 1 Requi Required 2A ns in (b) above, prepare the following for merchandise inventory, a merchanc Using the president's n purchases budget for April, May, and June. Merchandise Purchases Budget 3. Prepare a cash budget for April, May, and June as well as in total for the quarter- Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. May June Cash sales Sales on acco.Jnt: February Total cash COUectiOns chdule of s 100.000 s 140.000 S s 100.000 s 140.000 s 80.000 s 320.000 80,000 s 320,000 Required 2A > Total needs Required inventory purchases Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchases for m'ent01y Selling expenses Administrative expenses Land purchases Dividends paid Total cash disbursements April s Cash Budget For the Quarter Ended June 30 Quarter complete this question by entering your answers in the tabs below. Required 1 Required 2A Reqyed 2B Required 3 USing the president's new assumptions in (b) above, prepare the following for merchandise inventory, a sch cash disbursements for merchandise purchases for April, May, and June and for the quarter in total. Schedule of Expected Cash Disbursements for Merchandise Purchases April Required 2A May o June s Required 3 > Quarter s April purchases May purchases June purchases Total cash disbursements Excess (deficiency) of cash available aver disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balence