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Please only answer requirement I and J Please show working! Answer is complete and correct. Complete this question by entering your answers in the tabs
Please only answer requirement I and J
Please show working!
Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D E F G October sales are estimated to be $125,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 8 percent per month. Prepare a sales budget. Show less October November December Sales Budget Cash sales $ 50,000$ 54,000 $ 58,320 Sales on account 75,000 81,000 87,480 $ Total budgeted sales $ 135,000 $ 145,800 125,000 Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D F The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. October November December Schedule of Cash Receipts Current cash sales $ 50,000 $ 54,000 $ 58,320 Plus collections from 75,000 81,000 AIR Total collections $ 50,000 $ 129,000 $ 139,320 Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D E F The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $6,000. Assume that all purchases are made on account. Prepare an inventory purchases budget. Show less October November December Inventory Purchases Budget Budgeted cost of goods sold $ 75,000 $ 81,000$ 87,480 Plus: Desired ending 8,100 inventory 8,748 6,000 Inventory needed 83,100 89,748 93,480 Less: Beginning inventory (8,100 (8,748 Required purchases (on $ 83,100 $ 81,648 $ 84,732 account) Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D E F G The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar amounts.) Show less October November December Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts $ 58,170 payable 57,154 59,312 Payment for prior month's accounts 24,930 24,494 payable Total budgeted payments for $ 58,170 $ 82,084 $ 83,806 inventory Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D E F G Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary expense $ 9,000 $ 9,000 $ 9,000 Sales commissions 6,250 6,750 7,290 Supplies expense 2,500 2,700 2,916 Utilities 700 700 700 Depreciation on store 2,000 2,000 fixtures 2,000 Rent 2,400 2,400 2,400 Miscellaneous 600 600 600 Total S&A expenses $ 23,450 $ 24,150 $ 24,906 Answer is complete and correct. Required B his question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B D E F G Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. Show less October November December Schedule of Cash Payments for S&A Expenses Salary expense $ 9,000$ 9,000$ 9,000 Sales commissions 6,250 6,750 Supplies expense 2,500 2,700 2,916 Utilities 700 700 Depreciation on store fixtures Rent 2,400 2,400 2,400 Miscellaneous 600 600 600 Total payments for S&A $ 14,500 $ 21,650 $ 22,366 expenses Answer is complete and correct. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required A B C D E F G Camden borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $6,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less Cash Budget October Novomber December Section 1: Cash Receipts Beginning cash balance $ $ 6,330 $ 6,000 Add: Cash receipts 50,000 129,000 139,320 Total cash available 50,000 135,330 145,320 Section 2: Cash Payments For inventory purchases 58,170 82,084 83,806 For selling and administrative expenses 14,500 21,650 22,366 Interest expense 1,110 865 Purchase of store fixtures 82,000 8 10 154,670 104,844 107,037 Total budgeted disbursements Section 3: Financing Activities Surplus (shortage) Borrowing (repayment) Ending cash balance (104,670) 111,000 $ 6,330 30,486 (24,486) 6,000 38,283 (32,283 6,000 $ $Step by Step Solution
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