please help me compute a. sales budget b. cash collections c. purcahases and cost of goods sold budget d. cash disbursments for purcahasing budget e. operating expense budget f.cash disbursments for operating budget g budgeted income statetment for the three months h. capital budget i. cash budget j. budgeted balance sheet as of March 31

Due May 1o e 11.590 Prepone with Ecl. Goes Arsossimus The Pastry Hut The Pastry Hut (PH) sells a wide variety of pastries on the west end of St. Croix. The budget you are to prepare is for the first quarter of the calendar year (January, February & March). Expected Sales Sales in November were $40,000. Monthly sales are forecasted as follows: December January February March $30,000 $32,000 XY0l2 - 19.800 $27,000 Vol. -10,300 $30,000 X 12000 $26,000 April Customers pay 70% of the sales in cash and 30% of the sales are on credit. Collection of credit sales are in the month following the month of the sale. The $9,000 in accounts receivable on December 31 represents credit sales made in December. Uncollectable accounts are ignored. Balance Sheet The following is the balance sheet as of December 31, 2019: Assets $10,000 Cash March April $30,000 $26,000 O Customers pay 70% of the sales in cash and 30% of the sales are on credit. Collection of credit sales are in the month following the month of the sale. The $9,000 in accounts receivable on December 31 represents credit sales made in December. Uncollectable accounts are ignored. Balance Sheet The following is the balance sheet as of December 31, 2019 Assets Cash Accounts Receivable Inventory Equipment & Fixtures Accumulated Depreciation Total Assets $10,000 9,000 7,680 12,000 (1,200) $37.480 Liabilities Accounts payable Accrued wages Total Liabilities $12,480 6,000 als col Dan Teb uso me Owner's Equity Total Liabilities & Owner's Equity 19,000 $37,480 Planned Inventory Levels PH maintains a raw material inventory amount equal to 60% of the cost of goods sold for the following month. The costs of merchandise sold averages 40% of sales. The inventory on December 31 is 60% of the cost of goods sold for January (.6* 4*32000). Pastry Hut pays for its purchases in the month following the purchase. Wages PH pays wages twice a month, with payments lagging half a month after they are earned. The monthly wages are $12,000. The accrued wages on December 31 ($6,000) represents the unpaid half of December's wages. Capital Expenditures and Operating Expenditures PH plans to buy new fixtures for $12.000 Cash in January, PH has other month expenses as follows: Miscellaneous expenses Rent Depreciation (including new fixtures) 3% of sales, paid as incurred $2,000, paid as incurred $200 per month Cash Balances To meet cash needs. PH has used short term loans from local banks paying them back as cash comes in. Assume that PH wants to maintain a minimum $10,000 cash balance at the end of each month and can borrow or repay loans in multiples of $1,000. The borrowing occurs at the beginning and the repayment at the end of the months in question. PH pays interest in cash at the time it repays the related loan. The interest rate is 6% per year. Required: 1. Using the data given, prepare the following budgets and schedules for each of the months of the planning horizon a. Sales budget -390 b. Cash collections - 80 000 C. Purchases and cost of goods sold budget 34,160 d. Cash disbursements for purchases - 35 600 e. Operating expense budget f. Cash disbursements for operating expenses -4520 2. Using the budgets and schedules prepare a budgeted income statement for the three months January through March. 3. Prepare the following budgets and forecasted income statements a. Capital budget b. Cash budget (including details of borrowings, repayments and interest for each month) C. Budgeted balance sheet as of March 31