please help with question 5,6,7,8,11 (the rest is there to help with them)

You have been hired to prepare parts of the master budget for Grippers, which sells its rock-climbing shoes worldwide. You are required to only prepare the January and February budget. Remember to enter numeric amounts without a $ or, la comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Gripper expects to sell 4000 pairs of shoes for $185 each in January and 3,500 pairs of shoes for $220 each in February. Sales are 25% cash and 75% credit Prepare the sales budget for Grippers for January, February and in total for the 2 months NOTE: round all numbers to the penny Total sales for January are 740000 Cash sales for January are ... 185000 Credit sales for January are s ----555000 Total sales for February are s ---770000 Cash sales for February are s 192500 Credit sales for February are s MacBook Air 192500 Credit sales for February are $ 577500 - Question 2 18 / 18 points Grippers expects cost of goods sold to average 65% of the current month's sales and the company expects to sell 4,300 pairs of shoes in March for $240 each. Grippers' target ending inventory is $10,000 plus 50% of the next month's cost of goods sold. Use this information plus the sales budget from Question 1 to prepare Grippers' inventory, purchases, and cost of goods sold budget for January and February. In addition, indicate what the total cost of goods sold will be for the 2 months HINT: the beginning inventory is the "trick" in this question. Think about this carefully before answering! Remember to enter numeric amounts without a Sor , (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1 46 and for numbers such as 1.452, round down to 1.45 Required: Cost of goods sold for January is $ 481000- Cost of goods sold for February is $ 500500_ Total cost of goods sold for the 2 month is $ 981500 Desired ending inventory for January is $ __260250 Desired ending inventory for February is $ 345400 Beginning inventory for January is $ 250500 Desired ending inventory for January is $ 260250 Desired ending inventory for February is $ 345400 Beginning inventory for January is $ 250500 Beginning inventory for February is $ 260250 Purchases for January are $ 490750 Purchases for February are $ 585650 Question 3 10/10 points Employee wage costs per month are made up of 2 parts: a salary of $5,000 plus sales commissions dqual to 10% of the current month's sales. This is a mixed cost with both a fixed ($5,000) and a variable portion. The company pays half this amount in the current month and half early the following month Other monthly expenses Rent expenses - fixed cost $9.000 (paid on first of month) Amortization, including computer - fixed costs $2,250 Insurance expense - fixed costs $600 (from prepaid insurance) Miscellaneous expenses - variable costs 9% of sales Miscellaneous expenses are paid 70% in the current month and 30% in the following month. by Management Accounting - P2020 - Ryerson Univers Question 3 10 / 10 points Employee wage costs per month are made up of 2 parts: a salary of $5,000 plus sales commissions equal to 10% of the current month's sales. This is a mixed cost with both a fixed ($5,000) and a variable portion. The company pays half this amount in the current month and half early the following month Other monthly expenses: Rent expenses-fixed cost $9.000 (paid on first of month) Amortization, including computer - fixed costs $2.250 Insurance expense-fixed costs $600 (from prepaid insurance) Miscellaneous expenses - variable costs 9% of sales Miscellaneous expenses are paid 70% in the current month and 30% in the following month Remember to enter numeric amounts without a sor, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1 46 and for numbers such as 1452, round down to 145 Required: Complete the Operating Expenses Budget and fill in the following numbers. Remember this is accrual accounting based! Total operating expenses for January are $ 157450 Total operating expenses for February are $ 163150 Question 4 10/10 points Using the information from the previous parts of this question, complete the Budgeted Income Statement (accrual based!) for the 2 months ending February HINT: the income statement should be a total income statement for the 2 months together. DO NOT create monthly income statements Question 4 10/10 points Using the information from the previous parts of this question, complete the Budgeted Income Statement (accrual based!) for the 2 months ending February HINT: the income statement should be a total income statement for the 2 months together. DO NOT create monthly income statements, NOTE: ignore income taxes. Remember to enter numeric amounts without a sor, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Total sales revenue is S 1510000 Cost of goods sold is $ 981500 Gross Profit is s 528500 Total operating expenses are $ 320600.. Operating income iss 99 Du 1510000 Cost of goods sold is $ 981500 Gross Profit is $ 528500 Total operating expenses are $ 320600 Operating income is S 207900 Question 5 0/10 points Assume that Grippers' sales are 25% cash and 75% credit. Grippers' collection history indicates that credit sales are collected as follows: 30% in the month of sale 60% in the month after the sale 10% two months after the sale November sales IN TOTAL are $391,500, and December sales were $398,250. HINT: consider that the information given for November and December are sales IN TOTAL (100%). Prepare a schedule for the budgeted cash collections for January and February se 80 DO Question 5 0/10 points Assume that Grippers' sales are 25% cash and 75% credit. Grippers' collection history indicates that credit sales are collected as follows: 30% in the month of sale 60% in the month after the sale 10% two months after the sale November sales IN TOTAL are $391,500, and December sales were $398,250. HINT. consider that the information given for November and December are sales IN TOTAL (100%). Prepare a schedule for the budgeted cash collections for January and February. Remember to enter numeric amounts without a sor, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1456 round up to 1.46 and for numbers such as 1.452, round down to 1.45 Required: Total collections in January are $ Total collections in February are $ Question 6 0/8 points Grippers pays for inventory as follows: 60% in the month of purchase and the remaining 40% in the following month. HINTyou may need the information from December sales for this question Complete the Budgeted Cash Payment for Purchases schedule and determine total payment for purchases for January and February Remember to enter numeric amounts without a Sor. (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 146 and for numbers such as 1.452, round down to 1.45 Required: Totalmente for purchases for January are $ Tout payment for purchases for February are $ Question 7 0/8 points Using the information from the Operating Expense Budget (Question 4), prepare the Budgeted Cash Payment for Operating Expenses schedule. Remember to enter numeric amounts without a Sor (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to the nearest dollar and no decimal places. Required: Total payment for operating expenses for January are $ Total payment for operating expenses for February are $ Question 8 0/16 points Grippers purchased new manufacturing equipment in January, paying $20,000 cash for the new machine. Grippers has $8,300 cash on hand on January 1st. The company requires a minimum cash balance of $7.500. Using the information from all previous parts of the question, complete the Cash Budget for January and February NOTE: enter negative numbers with a Remember to enter numeric amounts without a Sor . (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to nearest dollar and no decimal places. Required: Cash available in January is $ Cash payments in January are $ NUTES! enter negative numbers with a Remember to enter numeric amounts without a sor, (a comma) If the answer is $20,000.00, then enter the number as 20000 Remember to round to nearest dollar and no decimal places. Required: Cash available in January is $ Cash payments in January are $ Ending cash balance on January 31st is $ Will Grippers need to borrow cash at the end of January? (yes, no) If so, how much will Grippers have to borrow? Grippers will have to borrow $ in order to ensure they have $7,500 on hand at the end of January Cash available for February is $ Cash payments for February are $ Ending cash balance on February 28th is $ NOTE: IGNORE interest expense for the purposes of this question! Question 9 8/8 points d Complete Exercise 9-16 and fill in the blanks below: Remember to enter numeric amounts without a sor, la comma). If the answer is $20,000.00, then enter the number as 20000, Remember to round to 2 decimal places. For numbers such as 1456, round up to 146 and for numbers such as 1.452, round down to 1.45 Total sales for the 1st Qur. $ 687500 Total sales for the 2nd Qtr. $ 1312500 Total sales for the 3rd Qtr. $ 1818750 Total sales for the 4th Qur. $ 2087500 Question 10 12/12 points Complete Exercise 9-24 and fill in the blanks below: Remember to enter numeric amounts without a $ or, la comma). If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to Question 10 12 / 12 points Complete Exercise 9-24 and fill in the blanks below: Remember to enter numeric amounts without a $ or. (a comma). If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Credit sales for January are $ 187000 Credit sales for February are $ 174900 Credit sales for March are $ 178750 Credit sales for April are $ 182600__ Cash receipts for March are $ 320534 Cashmeceints for Apriliare 88 Credit sales for April are $ 182600 Cash receipts for March are $ 320534 Cash receipts for April are $ 327017 Question 11 0/14 points Complete Exercise 9-26 and fill in the blanks: Remember to enter numeric amounts without a $ or, (a comma). If the answer is $20,000.00, then enter the number as 20000. Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Payments on accounts payable for July are $ Payments on accounts payable for August are $ Direct labour payments from July are $ a Ques-CACCIOS DCO & DOO - Introductory Management Accout2020yerson Unity Question 11 0/14 points Complete Exercise 9-26 and fill in the blanks: Remember to enter numeric amounts without a $ or, (a comma). If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Payments on accounts payable for July are $ Payments on accounts payable for August are $ Direct labour payments from July are $ Direct labour payments from August are $ Overhead payment is $ Loan repyament is $ BO 281 Overhead payment is $ Loan repyament is $ Total cash payments for August are $ Question 12 12/12 points Complete Exercise 9-27 and fill in the blanks below. NOTE: Enter a negative number with a '-' in front of the number or use(). Remember to enter numeric amounts without a $ or (a comma). If the answer is $20,000.00, then enter the number as 20000 Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Total cash available is $ 57332 Total cash needs are $ oo 888 Total cash payments for August are $ CACCIDCO & DOO - Iroductory Management Act-2000- Question 12 12 / 12 points Complete Exercise 9-27 and fill in the blanks below. NOTE: Enter a negative number with ain front of the number or use(). Remember to enter numeric amounts without a $ or, la comma). If the answer is $20,000.00, then enter the number as 20000. Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452, round down to 1.45 Total cash available is $ 57332 Total cash needs are $ 59059 Excess of cash available over needs is $ -1727