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Return Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14- 2,14-3, 14-4, 14-5, 14-6 The following information applies to the questions displayed below. Benson Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president forned a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Problem 14-23 Part 1 Problem 14-23 Part 1 Required a. October sales are estimated to be $140,000, of which 35 percent will be cash and 65 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $12,200. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month, Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow: Required information Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed)' Rent (fixed) Miscellaneous (fixed) $18, 200 5% of Sales 2% of Sales $ 1,600 $ 4.200 $5,000 $ 1.400 "The capital expenditures budget indicates that Benson will spend $173,200 on October 1 for store fixtures, which are expected to have a $22.000 salvage value and a three-year (36-month) useful life. Use this information to prepare a selling and administrative expenses budget f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Benson borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $14,000 cash cushion. Prepare a cash budget 1 Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G October sales are estimated to be $140,000, of which 35 percent will be cash and 65 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. October November December $ $ $ Sales Budget Cash sales Sales on account Total budgeted sales 200.000 (80,000) 120,000 250,000 (100.000) 150,000 312,500 (125,000) 187,500 $ $ $ Required B Prey 1 of 1 18 Nay Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required Required E Required F Required G The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. October November December 80.000 $ $ Schedule of Cash Receipts Current cash sales Plus collections from AR Total collections 100.000 120.000 220,000 125.000 150.000 275,000 80.000 $ $ Prey 1 of 1 !!! Next Required information Required A Required B Required C Required D Required E Required F Required G The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending Inventory of December is expected to be $12,200. Assume that all purchases are made on account. Prepare an inventory purchases budget. October November December $ $ Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases on account) 120,000 15.000 135.000 150,000 18.750 168.750 (5,000) 163,750 187,500 12.000 199,500 (18.750) 180,750 $ 135,000 $ $ Required information Required information Required A Required B Required Required Required E Required F Required G The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar amounts) November December October Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts $ 94,500 Payment for prior month's accounts payable Total budgeted payments for inventory $ 94,500 $ $ 107,625 40,500 148,125 126,525 46,125 172,650 $ S ( Required C Required E > Required information Required A Required B Required C Requiredo Required D Required E Required e Required F Required F Required G Required G Prepare a selling and administrative expenses budget. November December October Selling and Administrative Expense Budget Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses $ 0 $ 0 $ 0 Prey 1 of 1 Next Required information Required A Required B Required C Required D Required E Required F Required G Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the n'onth in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. November December October Schedule of Cash Payments for S&A Expenses Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses $ 0 $ 0 $ 0 Required information Required A Required B Required C Required D Required E Required F Required G Benson borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays Interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $14,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less Cash Budget October November December Section 1 Cash Receipts 0 Total cash available Section 2 Cash Payments Prey 1 of 1 Next Required information Total cash available Section 2: Cash Payments 00 Total budgeted disbursements Section 3: Financing Activities 0 0 0 0 $ 0 $ 0 Return Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14- 2,14-3, 14-4, 14-5, 14-6 The following information applies to the questions displayed below. Benson Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president forned a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Problem 14-23 Part 1 Problem 14-23 Part 1 Required a. October sales are estimated to be $140,000, of which 35 percent will be cash and 65 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $12,200. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month, Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow: Required information Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed)' Rent (fixed) Miscellaneous (fixed) $18, 200 5% of Sales 2% of Sales $ 1,600 $ 4.200 $5,000 $ 1.400 "The capital expenditures budget indicates that Benson will spend $173,200 on October 1 for store fixtures, which are expected to have a $22.000 salvage value and a three-year (36-month) useful life. Use this information to prepare a selling and administrative expenses budget f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Benson borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $14,000 cash cushion. Prepare a cash budget 1 Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G October sales are estimated to be $140,000, of which 35 percent will be cash and 65 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. October November December $ $ $ Sales Budget Cash sales Sales on account Total budgeted sales 200.000 (80,000) 120,000 250,000 (100.000) 150,000 312,500 (125,000) 187,500 $ $ $ Required B Prey 1 of 1 18 Nay Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required Required E Required F Required G The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. October November December 80.000 $ $ Schedule of Cash Receipts Current cash sales Plus collections from AR Total collections 100.000 120.000 220,000 125.000 150.000 275,000 80.000 $ $ Prey 1 of 1 !!! Next Required information Required A Required B Required C Required D Required E Required F Required G The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending Inventory of December is expected to be $12,200. Assume that all purchases are made on account. Prepare an inventory purchases budget. October November December $ $ Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases on account) 120,000 15.000 135.000 150,000 18.750 168.750 (5,000) 163,750 187,500 12.000 199,500 (18.750) 180,750 $ 135,000 $ $ Required information Required information Required A Required B Required Required Required E Required F Required G The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the following month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar amounts) November December October Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts $ 94,500 Payment for prior month's accounts payable Total budgeted payments for inventory $ 94,500 $ $ 107,625 40,500 148,125 126,525 46,125 172,650 $ S ( Required C Required E > Required information Required A Required B Required C Requiredo Required D Required E Required e Required F Required F Required G Required G Prepare a selling and administrative expenses budget. November December October Selling and Administrative Expense Budget Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses $ 0 $ 0 $ 0 Prey 1 of 1 Next Required information Required A Required B Required C Required D Required E Required F Required G Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the n'onth in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. November December October Schedule of Cash Payments for S&A Expenses Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses $ 0 $ 0 $ 0 Required information Required A Required B Required C Required D Required E Required F Required G Benson borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays Interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $14,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less Cash Budget October November December Section 1 Cash Receipts 0 Total cash available Section 2 Cash Payments Prey 1 of 1 Next Required information Total cash available Section 2: Cash Payments 00 Total budgeted disbursements Section 3: Financing Activities 0 0 0 0 $ 0 $ 0