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PRACTICE SET PROBLEM-ACCOUNTING 2 ELAC's management asks you to prepare its master budget using the following information, cover the months of April, May, and June of 2016. The budget is to March 31, 2016 Accounts payable 156,000 209000 Equipment, 8.0001 Common stock fquipnest, net 351 000 Tocalasset s and equity Additional Information Sales for March total 10,000 units. by 5%. ELAC's policy calls for a given month's ending inventory to equal 80% of the next month's expected unit sales. The March 31 iventory is 8,400 units, which complies with the policy. The purchase price is $1s per unit Sales representatives' commissions are 12.5% of sales and are paid in the month of the sales. The sales manager's monthly salary will be $3,500 in Apnil and $4,000 per month thereafter a. Each month's sales are expected to exceed the prior month's results The product's selling price is $25 per unit. b. c. d. Monthly general and administrative expenses include $8,000 administrative salaries, $5,000 e. ELAC expects 30% of sales to be for cash and remaining 70% on credit. Receivables are collected in full f. All merchandise purchases are on credit, and no payables arise from any other transactions. One E. The minimum ending cash balance for all months is $50,000. If necessary, ELAC borrows enough cash depreciation, and 0.9% monthly interest on the long-term note payable. in the month following the sale (none is collected in the month of the sale). month's purchases are fully paid in the next month using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. Dividends of $100,000 are to be declared and paid in May. No cash payments for income taxes are to be made during the second calendar quarter. Income taxes will be assessed at 35% in the quarter Equipment purchases of $$5,000 are scheduled for June. h. i. j