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1. A schedule of expected cash disbursements for merchandise purchases, by month and in total. Earrings Unlimited Budgeted Cash Disbursements for Merchandise Purchases April May June Quarter Accounts payable April purchases May purchases June purchases Total cash payments . A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $56,000 (Cash deficiency, repayments and interest should be indicated by a minus sign.) Earrings Unlimited Cash Budget For the Three Months Ending June 30 April May June Quarter Beginning cash balance Add collections from customers Total cash available Less cash disbursements Merchandise purchases Advertising Rent Salaries Commissions Utilities Equipment purchases Dividends paid Total cash disbursements Excess of cash available over disbursements Financing : Borrowings Repayments Interest otal financing Ending cash balance . A budgeted income statement for the three-month period ending June 30. Use the contribution approach. Earrings Unlimited Budgeted Income Statement For the Three Months Ended June 30 Variable expenses: Fixed expenses : 4. A budgeted balance sheet as of June 30. Earrings Unlimited Budgeted Balance Sheet June 30 Asset Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity1. 10.00 points You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the experienced a shortage of cash . Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for integrated budgeting program . To this end, you have worked with accounting and other areas to gather the information assembled below. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) 27.200 July ( budget ) March (actual) 41, 200 31, 20 66,200 September ( budget ) 28.200 May (budget) The concentration of sales before and during May is due to Mother's Day. Sufficient inventory month. should be on hand at the end of each month to supply 40% of the earrings sold in the following month of purchase: the other half is paid for in the following month. All sales are on credit, with no sales are collected in the month of sale. An additional 70% is collected in the following month and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: Variable Sales commissions 4% of sales Advertising 260,000 21 000 $118,000 Utilities Depreciation $ 20:000 nsurance is paid on an annual basis, in November of each year. equipment during June; both purchases will be for cash. The company declares dividends of $19,500 each quarter, payable in the first month of the following quarter. A listing of the company's ledger accounts as of March 31 is given below: Assets Cash Accounts receivable ($43,520 February sales; $ 80,000 $527, 360 March sales ) 570,880 Inventory 121,808 Prepaid insurance Property and equipment (net) 1.010,00 Total assets $1,806.688 Liabilities and Stockholders' Equity Dividends payshis 106,000 Common stock 920.090 Retained earnings 761 , 188 Total liabilities and stockholders' equity $1,806,688 The company maintains a minimum cash balance of $56,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company hassan of each month The in $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $56,000 in cash. Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: a. A sales budget, by month and in total. Earrings Unlimited Sales Budget April May June Quarter Budgeted unit sales Selling price per unit Total sales . A schedule of expected cash collections from sales, by month and in total. Earrings Unlimited Schedule of Expected Cash Collections April May June Quarter February sales March sales April sales May sales June sales Total cash collections . A merchandise purchases budget in units and in dollars. Show the budget by month and in total. (Round "Unit cost" answers to 2 decimal places.) Earrings Unlimited Merchandise Purchases Budget April May June Quater Budgeted unit sales total needs Required purchases Unit cost Required dollar purchases