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For first-quarter of 2020, prepare a schedule for expected cash collections from customers.

For first-quarter of 2020, prepare a schedule for expected payments for materials purchases.

Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 111,000 Unit sales for December 2019 101,000 Expected unit sales for January 2020 113,000 Expected unit sales for February 2020 113,000 Expected unit sales for March 2020 118,000 Expected unit sales for April 2020 124,000 Expected unit sales for May 2020 137,000 Unit selling price $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totaled $181,800. Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019. totaled 11,300 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $102,740. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $6 per hour. Manufacturing Overhead Indirect materials 30 per labor hour Indirect labor 50 per labor hour Utilities 50 per labor hour Maintenance 30 per labor hour Salaries $42,000 per month Depreciation $17,300 per month Property taxes $2,600 per month Insurance $1,300 per month Maintenance $1,200 per month Selling and Administrative Variable selling and administrative cost per unit is $1.40. Advertising $15.000 a month Insurance $1,300 a month Salaries $71,000 a month Depreciation $2,600 a month Other fixed costs $2,700 a month The Cash balance on December 31, 2019, totaled $103,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.30 per share for 4,940 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 6% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $480,000 equipment purchase is planned for February. (a) Your Answer Correct Answer Your answer is correct. For the first quarter of 2020, prepare a sales budget. January Quarter 69 113000 12 1356000 WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter February $ 113000 12 1356000 $ $ March 118000 12 1416000 $ 344000 12 4128000 Finished Goods Unit ed Goods Unit January 113000 11300 124300 11300 113000 February First Quarter 113000 11800 124800 11300 113500 March 118000 12400 130400 11800 118600 For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to O decimal places, e.g. 2,520.) WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 Units to be produced 113000 Direct Materials Per Unit 2 Total Pounds Required for Production 226000 Add Desired Ending inventory 11350 Total Materials Required 237350 Less Beginning Materials Inventory 1 Cost Per Pound Direct Materials Purchases Total Cost of Direct Materials Purchases $ January 11300 0.80 226050 180840 $ February First 113500 2 227000 11860 238860 11350 0.80 227510 182008 For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to O decimal places, e.g. 2,520.) WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 First Quarter March Quarter 113000 2 226000 11350 237350 January (11300) 0.80 226050 180840 $ 60 February 113500 2 227000 11860 238860 11350 0.80 227510 182008 $ $ 118600 2 237200 12530 249730 11860 0.80 237870 190296 $ 60 553144 Direct Labor Budget Units Produced 113000 0.2 Direct labor hours per unit(12 minutes /60minutes) Total Direct Labor hours 22600 6.00 $ direct labor cost per hour Budgeted direct labor cost S $ 135,600 $ Manufacturing Overhead Budget January February Variable Cost: $ 6,780 $ 6,810 $ $ 11,300 $ 11,350 $ Indirect material (Direct Labor Hrs. * $0.3) Indirect Labor (Direct Labor Hrs. * $0.5] Utilities (Direct Labor Hrs. * $ 0.5) Maintenance (Direct Labor Hrs. * $0.3) Total Variable Cost $ 11,300 $ 11,350 $ $ 6,780 $ 6,810 $ $ 36,160 $ 36,320 $ Fixed Cost: Salaries $ 42,000 $ 42,000 $ Depreciation 17,300 $ Property Tax 2,600 S Insurances 1,300 $ 17,300 $ 2,600 $ 1,300 $ 1,200 $ 64,100 $ 100,560 $ Maintenance 1,200 $ Total Fixed Cost 64,100 S Total Manufacturing Overhead Direct labor hours 100,720 S 22,700 22,600 Predetermined overhead rate for the quarter Predetermined overhead rate for the quarter 4.40 (rounded to two decimal) $ $ GAGALA $ $ $ SASA $ $ January February 113500 0.2 22700 6.00 $ 136,200 $ March 118600 0.2 23720 6.00 S 142,320 $ March 7,116 $ 11,860 $ 11,860 $ 7.116 $ 37,952 $ 42,000 $ 17,300 $ 2,600 $ 1,300 $ 1,200 $ 64,400 $ 102,352 $ 23,720 S Quarter 345,100 0.2 69020 6.00 414,120 Quarter 20,706 34,510 34,510 20,706 110,432 126,000 51,900 7,800 3,900 3,600 193,200 303,632 69,020 4.399189 Budgeted Sales in units Variable Expenses per unit Total Variable S&A Expenses Fixed Expenses Advertising Insurance Salaries Depreciation Other Total Fixed Expenses Total S&A Expenses Beginning cash balance Add receipts Collection from customers Total available cash Less cash disbursement Direct material Direct labor Manufacturing overhead Selling and administration Dividend (4940 x 2.3) Purchase of equipment Total Cash disbursement excess (deficiency) of cash Financing: Add borrowings Less Repayment Interest Ending cash balance Interest Selling and Admin Expense Budget January February 113000 $ 1.40 $ $ 158,200 $ $ 15,000 $ 1,300 S $ $ 71.000 $ $ 2,600 S $ 2,700 $ 92.600 S $ $ 250,800 $ $ $ 103,000 $ 1,334,400 $ 1,437,400 $ 193,160 $ 135,600 $ 83,260 $ 248,200 $ 11,362 $ $ 671,582 $ 765,818 $ $ 35,000 $ $ $ 800,818 $ 35000 x 6% x 2/12 = sssss $ $ $ $ $ $ $ Cash Budget First Quarter January GALA 113000 1.40 $ 158,200 $ 15,000 $ 1,300 $ 71,000 $ 2,600 $ 2,700 $ 92,600 $ 250,800 $ February 800,818 $ 1,356,000 $ 2,156,818 $ 181,424 $ 136,200 $ 83,420 $ 248,200 $ 11,362 $ 480,000 1,140,606 $ 1,016,212 $ (35,000) (350) 980,862 $ S March 118000 1.40 $ 165,200 $ 15,000 $ 1,300 $ 71,000 $ 2,600 $ 2,700 $ 92,600 $ 257,800 $ 980,862 $ 1,407,000 $ 2,387,862 $ 186,152 $ 142.320 $ 85,052 $ 255,200 $ 11,362 $ $ 680,086 S 1,707,776 S $ $ $ $ 1,707,776 S 350 March Quarter 344000 1.40 481,600 45,000 3,900 213,000 7,800 8,100 277,800 759,400 Quarter 103,000 4,097,400 4,200,400 560,736 414,120 251,732 (Cost-Depreciation) 751,600 (Cost-Depreciation) 34,086 480,000 2,192,274 1,708,126 35,000 $800,000 Min balance (35,000) (350) 1,707,776 For the first quarter of 2020, prepare a schedule for expected cash collections from customers. Schedule of Expected Collections from Customers January February March Accounts receivable. $ $ 12/31/19 January sales February sales March sales Total cash collections $ $ 60 $ $ 69 69 $