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Hillyard Company, an office supplies specialty store prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31(the end of the prior quarter), the company's general ledger showed the following account balances Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 50,000 288,000 59.250 360,000 $ 88,125 500,000 89, 125 5 677,250 $677.250 b. Actual sales for December and budgeted sales for the next four months are as follows: December(actual) January February March April $260,000 $395,000 $592,00 5306,000 5203,000 c. Sales are 20% for cash and 80% on credit All payments on credit sales are collected in the month following sale The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales) e. Monthly expenses are budgeted as follows: salaries and wages. $25.000 per month advertising. $65,000 per month, shipping, 5% of sales, other expenses. 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $43,700 for the quarter f. Each month's ending inventory should equal 25% of the following month's cost of goods sold 9 One-half of a month's inventory purchases is paid for in the month of purchase the other half is paid in the following month h. During February , the company will purchase a new copy machine for $2.000 cash. During March other equipment will be purchased for cash at a cost of $75.000 During January, the company will deciare and pay $45,000 in cash dividends J. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as for as it is able, repay the loan plus accumulated interest at the end of the quarter Required: Using the data above, complete the following statements and schedules for the first quarter, 1. Schedule of expected cash collections 2-a. Merchandise purchases budget 2-b. Schedule of expected cash disbursements for merchandise purchases 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31 Ch" c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following se The accounts receivable at December 31 are a result of December credit sales d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month advertising, $65,000 per month; shipping. 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $43,700 for the quarter. f. Each month's ending inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase, the other half is paid in the following month h. During February, the company will purchase a new copy machine for $2,000 cash. During March, other equipment will be purchased for cash at a cost of $75,000 1. During January, the company will declare and pay $45,000 in cash dividends. J. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarter. 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31, 5. Prepare a balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the Schedule of expected cash collections: Schedule of Expected Cash Collections January February March Quarter Cash sales $ 79,000 $ 118,400 $ 61,200 $ 258.600 Credit sales 208.000 316,000 473.600 997,600 $ Total collections $ 287,000 $ 434,400 $ 534,800 1,256,200 Required 2A > Return to ques 1 Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31. 70 points Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required Prepare a balance sheet as of March 31. Hilyard Company Balance Sheet March 31 Assets 5 OOOO 57,280 244,800 30,450 OOOOO 0 332.530 . $ 332.530 Current assets Cash Accounts receivable Inventory Buildings and equipment, net Inventory Total current assets Buildings and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Note payable Stockholders' equity Common stock 500,000 Retained earnings 141,755 Interest expense O Cost of goods sold 0 Total labies and stockholders equily 5 84.075 0 OOOOOO OOO 641,755 725,830 Required 4 Ga Me HII Prov 1 of 1 Next Check my work mode: This shows what is correct or income completion Return to 1 1 Schedule of expected cash collections: 2-a, Merchandise purchases budget: 2-6. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31, 5. Prepare a balance sheet as of March 31 70 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required Required 4 Required 5 Prepare an absorption costing income statement for the quarter ending March 31. olololo Heilyard Company Income Statement For the Quarter Ended March 31 Sales $ 1.299,000 Cost of goods sold 58.250 Beginning inventory Purchases 747,000 Goods available for sale 806,250 Ending inventory (304501 775.800 Gross margin 517,200 Selling and administrative expenses Salaries and wages 75.000 Advertising 195.000 Shipping 64 650 Omer expenses 38.750 Depreciation 43,700 Buildings and guiment net OB Accounts payable 0 417.140 Naleporating income 100,000 Interesten (243) Nel com 97.630 oooooo Med 3 Reged> ME Graw Prev 1 of 1 Next Budget Proved Heto SE Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return toque 1 70 Sales are 20% for cash and 80s on cred. All payments on credt sales are collected in the month for sale The accounts receivable December tre rest of December credit sales d. The company's grous mini 40% of sales in other words, cost of goods sold is 60% of sales e. Monthly expenses we budgeted as follows are and wagen. $25.000 per month advertising, 565.000 per monthshipping, 5% of sales; other expenses, of sales Depreciation, including depreciation on news acquired during the quarter will be $43.700 for the quante Each month's ending Inventory should equal 25% of the following month's cost of goods sold o. One-half of a months inventory burchases is paid for in the month of purchase the other is paid in the following month During February, the company will purchase a new copy machine for $2000 cash During March, equipment will be purchased for cash at a cost of $75.000 1. During January, the company wil declare and pay $45,000 in cash dividends Management wants to maintain a minimum cash balance of $30,000. The company has an agreement wa local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loan is per month and for simplicity we wilssume that interest is not compounded The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter Required: Using the data above, complete the following statements and schedules for the fest quarter 1 Schedule of expected cash collections 2-a. Merchandise purchases budget 2-6. Schedule of expected cash disbursements for merchandise purchases 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31, 5. Prepare a balance sheet as of March 31 Answer is not complete Complete this question by entering your answers in the tabs below. Reds Required 1 Required 24 Required 21 Required) Required Complete the Schedule of expected cash collections Schedule of Expected Cash Collections Jamiary February March Cash was 370000 S2000200 200.000 316.000 47.00 Total collections 27.000 $434400 534300 $ 250.000 SOT 600 1.26.200 1 of 1 Nord Prev ME Graw