Please show solutions so I can figure out how to solve the problem on my own and similar problems as well. Will give a review and thumbs up too!

April, May, June months and some March and July for figuring out certain questions.

*Problem 5-35 Bramble Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February $1,006,800 August March April Ma June Sales Month Sales $900,700 July $1,500,200 $1,500,200 $900,700 September $1,608,900 $1,158,400 October 1,608,900 $1,257,700 November $1,500,200 $1,402,700 December $1,709,500 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information All sales are made on credit. Bramble's excellent record in accounts receivable collection is expected to continue, with 60% of billings collected in the month after sale and the remaining 40% collected two months after the sale. Cost of goods sold, Bramble's largest expense, is estimated to equal 40% of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30% during the month of sale. For example, in April, 30% of April cost of goods sold is purchased and 70% of May cost of goods sold is purchased All purchases are made on account. Historically, 75% of accounts payable have been paid during the month of purchase, and the remaining 25% in the month following purchase. . Hourly wages and fringe benefits, estimated at 30% of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,568,900 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits 328,100 Advertising Property taxes Insurance Utilities Depreciation Total 376,500 137,800 198,100 178,600 349,800 $1,568,900 . Operating income for the first quarter of the coming year is projected to be $327,600 Bramble is subject to a 40% tax rate The company pays 100% of its estimated taxes in the month following the end of each quarter. .Bramble maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12% line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,500. Your answer is partially correct. Try again. Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) April May June Total Cash Receipts February sales $402720s O March sales 0420 360280 February sales 40272 April sales May sales Totals 440272 0070 115840 5462 21644 9504 6336 54620 121798 Accounts Receivable balance at the end of second quarter of 2015 Your answer is correct. Prepare the purchases budget for the second quarter. (Round answers to O decimal places, e.g.5,275Enter answers in necessary fields only. Leave other fields blank. Do not enter o.) April May June Total Purchases April COGS $139008 139008 May COGS 352156 150924 O June COGS 39275 68324 July COGS O O 420050 20056 Totals $491164 543680 $588380 6108 2 Your answer is partaly corect. T y as aecnd quater (Rond answers to o decimal places, eg: 5275. Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275, Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) April May June March purchases April purchases 68373 22791 May purchases 0776 13592 O 441283 $53055 $577205 June purchases Accounts Payable balance at the end of second quarter of 2015 $ Your answer is partially correct. Try again. Prepare the cash budget for the second quarter. (Round answers to o decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) April May June Quarter Beginning Cash balance llection from Sale Total cash avalable to spend Less disbursements bre $brs alarie dvertisin Property taxes nsuranC come tax 0 Wages rotal cash disbursements