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Problem 8-24 (Algo) Cash Budget with Supporting Schedules (LO8-2, LO8-4, LO8-8) Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter a. Budgeted monthly absorption costing income statements for April-July are: Duly April $ 720, cee 504 000 216, ove May $ 890,00 62388 257 Bee Dune $ 600,00 420,00 180,000 $ see, eee 35e,eee 15e,eee Sales Cost of goods sold Gross margin Selling and administrative expenses! Selling expense Administrative expense Total selling and administrative expenses Net operating income Includes $32,000 of depreciation each month. 90, eee 50,000 149.00 $ 76,000 109,00 68, gee 177eee $ se, see 21,800 44,00 115,00 $ 65,00 se, cee 48, see 98, eee $ 52,eee b. Sales are 20% for cash and 80% on account. c Sales on account are collected over a three-month period with 10% collected in the month of sale: 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of sale. February's sales totaled $280,000, and March's sales totaled $295.000 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% is paid in the following month. Accounts payable at March 31 for inventory purchases during March total $133,000. e. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $100.800. f. Dividends of $39.000 will be declared and paid in April g. Land costing $47000 will be purchased for cash in May h. The cash balance at March 31 is $61,000: the company must maintain a cash balance of at least $40.000 at the end of each month. 1. 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, up to a total loan balance of $200,000. The interest rate on these cans is 156 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: 1. Prepare a schedule of expected cash collections for April May, and June, and for the quarter in total 2. Prepare the following for merchandise inventory 2. A merchandise purchases budget for April May and June. b. A schedule of expected cash disbursements for merchandise purchases for Apr May and June, and for the quarter in total 3. Prepare a cash budget for April May, and June as well as in total for the quarter Required 1 Required 2A Required 2B Required 3 Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. Schedule of Expected Cash Collections April May June Quarter Cash sales Sales on account: February March April May June Total cash collections required 2A Required 1 Required 2A Required 2B Required 3 Prepare the following for merchandise inventory, a merchandise purchases budget for April, May, and June. Merchandise Purchases Budget April May June Total needs Required inventory purchases Required 1 Required 2A Required 28 Required 3 Prepare a cash budget for April, May, and June as well as in total for the quarter. (Cash deficiency, repayments and inter be indicated by a minus sign.) Garden Sales, Incorporated Cash Budget For the Quarter Ended June 30 April May June Quarter Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchases for inventory Selling expenses Administrative expenses Land purchases Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayment Interest Total financing Ending cash balance