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Janus Products, inc is a merchandising company that selis binders. paper, and other school supplies. The company is planning its cash needs for the third quarter in the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials. Which occur during August. The following information has been assembied to assist in preparing a cash budget for the quarter a. Budgeted monthly absorption costing income statements for July to October are as follows: "includes $2,950 depreciation each month b. Sales are 20% for cash and 80% on credit. c. Credit sales are collected over a three month period, with 10% collected in the month of sale, 70% in the month following sale, and 20% in the second month following sole May sales totalled $49.000, and June sales totalled $55.000 d. 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 poid in the following month. Accounts peyable for inventory purchases at June 30 total $21,200. e. The company maintoins its ending inventory levels of 75% of the cost of the merchandise to be sold in the following month. The: merchandise inventocy at June 30 is $27,500. t Land costing $5.450 we be purchased in July. 9 Dividerids of $1,950 will be declated and paid in September. h. The cash bolnnce on June 30is$9,900; the company must maintain a cash balance of at least the amount ot the end of each Required: 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for July, August, and September. A schedi of expected cash disbursements for merchandise purchases for July, August, ane z zptember and for the quarter in total. 3. Prepare a cash budget for July. August, and September and for the quarter in total. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollor amount. Any "Repayments" and "Interest" should be indicated by a minus sign. Leave no cells blank - be certoin to enter " 0 " wherever required.) Janus Products, inc is a merchandising company that selis binders. paper, and other school supplies. The company is planning its cash needs for the third quarter in the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials. Which occur during August. The following information has been assembied to assist in preparing a cash budget for the quarter a. Budgeted monthly absorption costing income statements for July to October are as follows: "includes $2,950 depreciation each month b. Sales are 20% for cash and 80% on credit. c. Credit sales are collected over a three month period, with 10% collected in the month of sale, 70% in the month following sale, and 20% in the second month following sole May sales totalled $49.000, and June sales totalled $55.000 d. 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 poid in the following month. Accounts peyable for inventory purchases at June 30 total $21,200. e. The company maintoins its ending inventory levels of 75% of the cost of the merchandise to be sold in the following month. The: merchandise inventocy at June 30 is $27,500. t Land costing $5.450 we be purchased in July. 9 Dividerids of $1,950 will be declated and paid in September. h. The cash bolnnce on June 30is$9,900; the company must maintain a cash balance of at least the amount ot the end of each Required: 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for July, August, and September. A schedi of expected cash disbursements for merchandise purchases for July, August, ane z zptember and for the quarter in total. 3. Prepare a cash budget for July. August, and September and for the quarter in total. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollor amount. Any "Repayments" and "Interest" should be indicated by a minus sign. Leave no cells blank - be certoin to enter " 0 " wherever required.)