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Chapter 9 Waterways Continuing Problem Waterway Corporation Sales Budget For the First Quarter of 20xx Expected unit sales Title Title Waterway Corperation Productien Badget For the First Quarter of 20xx First Quarter Tite Tide Total required units Tiale \begin{tabular}{|l|l|l|l|} \multicolumn{1}{c|}{ January } & \multicolumn{1}{c|}{ February } & \multicolumn{1}{c|}{ March } & \multicolumn{1}{c|}{ Quarter } \\ \hline Cell Referente & Cell Referenee & Cell Reference & Fornula \\ \hline Yalus & Valus & Yalus & Cell Referenes \\ \hline Formula & Formula & Formula & Formula \\ Eormula & Cel \end{tabular} Waterway Corporation Direct Materials Budget For the First Quarter of 20xx First Quarter \begin{tabular}{l|l|l|l|l|} \hline & \multicolumn{1}{c|}{ January } & \multicolumn{1}{c|}{ February } & \multicolumn{1}{|c|}{ March } & \multicolumn{1}{c|}{ Quarter } \\ \hline Units to be produced & Cell Reference & Cell Reference & Cell Reference & Formula \\ \hline Title & Value & Value & ValueValue \\ \hline Total pounds needed for production & Formula & & Formula & \\ \hline \end{tabular} Waterway Corporation Direct Laber Budget For the First Quarter of 20xx First Quarter Tite \begin{tabular}{l|l|lll|} \multicolumn{1}{c|}{ January } & \multicolumn{1}{c|}{ February } & \multicolumn{1}{c|}{ March } & \multicolumn{1}{c|}{ Quarter } \\ \hline Cell Refetence & Cell Reference & Cell Reference & Formula \\ \hline Yalue & Valog & Yalue & Value \\ \hline Formula & Formula & Formala & Formula \\ \hline Yalue & Yalue & Yalue & Yalue \\ \hline Formula & Formula & Formala & Formula \\ \hline \hline \end{tabular} Waterway Corperation Manafacturing Overhead Budget For the First Quarter of 20xx First Quarter Variable Costs Title Tisle Title Title Janeary February Formula Tide Fixed Costs Waterway Corporation Selling and Administrative Expense Budget For the First Quarter of 20xx First Quarter Sehedule of Expected Collections from Customers Schedule of Expected Payment for Direct Materials Waterway Corporation Cash Budget For the First Quarter of 20xx First Quarter Beginning cash balance Add: Reccipts Title Total available cash Less: Disbursements. Title Title Formula Formula Formula Formula Title Cell Reference Cell Reference Cell Reference Formula Titele Formula Formula Formula Formula Equipment Purchase Formula Formula. \begin{tabular}{ll} Formuala & Formula \\ \hline \end{tabular} Formula Title Yalue Value Total disbursements Excess (deficiency) of available cash over cash Total cash collections \begin{tabular}{l|l|l|} Formula & Formula & Formula \\ \hline \end{tabular} Schedule of Expected Payment for Direct Materials Waterways Continuing Problem (This is a continuation of the Waterways Problem from Chapters 1 through 8.) WCP9 Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Siales Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2013, totaled \$183,780. Metal, plastic, and rubber together are 75z per pound per unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2013, totaled \$120,595. Raw Materials on December 31, 2013, totaled 11,295 pounds. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour able on December 31,2013 , totaled $183,780. Direct Materials Metal, plastic, and rubber together are 75e per pound per unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2013, totaled \$120,595. Raw Materials on December 31, 2013, totaled 11,295 pounds. Dinect Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Manu SellingandAdministrative Variable selling and administrative cost per unit is $1,60. Qther Information The Cash balance on December 31, 2013, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800.000 beginning on January 31 . 2014. Dividends are paid each month at the rate of $2.50 per share for 5.000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February. Instructions For the first quarter of 2014, do the following. (a) Prepare a sales budget. (b) Prepare a production budget. (c) Prepare a direct materials budget. (Round to nearest dollar) (d) Prepare a direct labor budget. (For calculations, round to the nearest hour) (e) Prepare a manufacturing overhead budget. (Round amounts to the nearest dollar.) (f) Prepare a selling and administrative budget. (g) Prepare a schedule for expected cash collections from customers. (h) Prepare a schedule for expected payments for materials purchases. (Round totals to nearest dollar) (i) Prepare a cash budget