please someone help if i did number 9 (with the red star) correctly. everything else is information to help revise the cash budget for april, may, and june.

9) Using the revised budgets, complete the revised cash budget. Remember, Zighy Manufacturing will need to maintain the indicated minimum cash balance (given on connect) at the end of each month. Outstanding short-term notes require an interest payment of 1% at each month-end (before any repayment). Repayments of short-term notes payable balance will be made only to the extend the ending cash balance exceeds the minimum required. This table is completed similarly to the budget table in connect Revised Cash Budget April, May, and June 2019 April 65,000 612,864 677,864 May 199,780 552,576 752,356 June 183,635 764,160 947 795 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 163,600 143,220 54,684 54,720 4,500 27,000 O 270 3,090 01 451,084 226,780 (27,000) 199,780 230,180 146,300 55,860 76,800 4,500 27,000 25,000 0 3,090 0 568,730 183,635 0 183,635 255,512 138,380 52,836 55,200 4,500 27,000 0 0 3,090 145,000 681,518 266,277 (211 277) 55,000 May June Revised Loan balance: ST noto payable April Lonn balance. Beginning of month 27,000 Additional loon (loon repayment) (27,000) Loan balance - End of month 0 5 b) Estimate the cash receipts for each month. Remember, each month's column will include collections for the current months credit sales (table in 6a) as well as collections from previous months credit sales (table 6a). March 31 accounts receivable will be 100% during April Total cash receipts from customers April May Current month's cash sales 109,440 76,800 Current month's credit sales collected 65,664 103,680 Previous month's credit sales collected 437,760 372,096 Total cash receipts 612,864 552,576 June 110,400 66,240 587,520 764,160 c) Given this new collection policy, calculate the balance in Accounts Receivable as of June 30. Note - This will be the uncollected credit sales made in June. (85%) The Company has been approached by a wholesaler requesting a one-time order to be delivered in May. The order equals the number of units originally budgeted for May. This will effectively double May's projected sales. These units will be sold on account and for the same selling price but will not incur any sales commissions. Because the company is limited to $50,000 short-term borrowings, executive management is concerned about the cash strain this order will put on their operations for the quarter and has made some suggestions regarding the master budget. You will need to revise the master budget as indicated below. Remember to use the tables in the Packet for VPW 4.1 as a reference. 1) How many units will Zigby Manufacturing sell in the "one-time" sales? _16,000+2_32.000 Update the Sales Budget to by including adding these units to May Budgeted Unit Sales to what was used in connect. Complete the table below, calculating budgeted sales dollars for the quarter, ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Unit Sales Budgeted Unit Price 22,800 $24 32,000 $24 23,000 $24 77,800 April 2019 May 2019 June 2019 Totals for the 2nd quarter Budgeted Sales Dollars 547,200 768,000 552,000 1,867,200 Total ZIGBY MANUFACTURING Revised Raw Materials Budget April, May, and June 2019 April May Production budget (units) 26,040 26,600 Materials requirements per unit 0.50 0.50 Materials needed for production 13,020 13,300 Budgeted ending inventory 5,320 5,032 Total materials requirements (units) 18,340 18,332 Beginning inventory (6,510) (5,320) Materials to be purchased 11,830 13,012 Material price per unit $20 $20 Budgeted raw material purchases $236,600 $260,240 June 25,160 0.50 12,580 5,500 18,080 (5,032) 13,048 $20 $260,960 37,890 $20 $757,800 5) The Direct Labor Budget will need to be updated for the changes to the production budget. This table is completed similarly to the budget table in connect. Total Budgeted production (units) Labor requirements per unit (hours) Total labor hours needed Direct labor rate (per hour) Budgeted direct labor cost ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May 26,040 26,600 0.50 0.50 13,020 13,300 $11 $11 $143,220 $146,300 June 25,160 0.50 12,580 $11 $138,380 38,900 $11 $427,900 6) Factory Overhead Budget will need to be updated for the production and labor requirement changes. This table is completed similarly to the budget table in connect. Total Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May 13,020 13,300 4.20 4.20 54,684 55,860 35,020 35,020 89,704 90,880 June 12,580 4.20 52,836 35,020 87,856 163,380 105,060 268,440 Note: The Selling Expense Budget and the General and Administrative Expense Budgets will not need to be revised. Make sure you use the information from the original budgets as prepared on connect. 7) The one-time order will be on account and Zigby's management is concerned about the strain on cash requirements this will have. To attempt to ease the situation, the company plans to intensify ault in anlletion of 15% 11 8) Additionally, to conserve cash, the company has decided to delay payment for their raw material purchases. Where they were previously paying in the month after the purchases were made, the company will now only pay 80% of their purchases in the first month after the purchases are made. The remaining 20% will be paid in the second month after purchase. The March 31 accounts payable will be paid in accordance with this new policy (80% in April and the remaining 20% in May. Complete the following table to estimate the cash payments for RAW MATERIAL purchases in 4 above. The amounts from this table will be used in the revised cash budget in 8 below. Estimated Payments for Raw Material Purchases April May June June 30 Accounts Payable 163,600 40,900 189,280 March 31 Accounts Payable April purchases May Purchases June Purchases Total cash payments 47,320 208,192 52,048 260,960 313,008 163,600 230,180 255,512 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable. Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 65,000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 $ 204,500 27,000 231,500 515,000 746,500 350,000 269,488 619,488 $1,365,988 May June $ April 65,000$ 154,016 547,200 514,560 612,200 668,576 $ 217,046 417,600 634,646 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment Shipping Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 204,500 99,220 37,884 54,720 4,500 27,000 0 270 3,090 0 194,700 114,950 43,890 38,400 4,500 27,000 25,000 0 3,090 0 218,800 125,730 48,006 55,200 4,500 27,000 0 0 3,090 145,000 0 627,326 7,320 47,680 55,000 0 451,530 0 431,184 181,016 (27,000) 154,016 217,046 0 $ 217,046 9) Using the revised budgets, complete the revised cash budget. Remember, Zighy Manufacturing will need to maintain the indicated minimum cash balance (given on connect) at the end of each month. Outstanding short-term notes require an interest payment of 1% at each month-end (before any repayment). Repayments of short-term notes payable balance will be made only to the extend the ending cash balance exceeds the minimum required. This table is completed similarly to the budget table in connect Revised Cash Budget April, May, and June 2019 April 65,000 612,864 677,864 May 199,780 552,576 752,356 June 183,635 764,160 947 795 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 163,600 143,220 54,684 54,720 4,500 27,000 O 270 3,090 01 451,084 226,780 (27,000) 199,780 230,180 146,300 55,860 76,800 4,500 27,000 25,000 0 3,090 0 568,730 183,635 0 183,635 255,512 138,380 52,836 55,200 4,500 27,000 0 0 3,090 145,000 681,518 266,277 (211 277) 55,000 May June Revised Loan balance: ST noto payable April Lonn balance. Beginning of month 27,000 Additional loon (loon repayment) (27,000) Loan balance - End of month 0 5 b) Estimate the cash receipts for each month. Remember, each month's column will include collections for the current months credit sales (table in 6a) as well as collections from previous months credit sales (table 6a). March 31 accounts receivable will be 100% during April Total cash receipts from customers April May Current month's cash sales 109,440 76,800 Current month's credit sales collected 65,664 103,680 Previous month's credit sales collected 437,760 372,096 Total cash receipts 612,864 552,576 June 110,400 66,240 587,520 764,160 c) Given this new collection policy, calculate the balance in Accounts Receivable as of June 30. Note - This will be the uncollected credit sales made in June. (85%) The Company has been approached by a wholesaler requesting a one-time order to be delivered in May. The order equals the number of units originally budgeted for May. This will effectively double May's projected sales. These units will be sold on account and for the same selling price but will not incur any sales commissions. Because the company is limited to $50,000 short-term borrowings, executive management is concerned about the cash strain this order will put on their operations for the quarter and has made some suggestions regarding the master budget. You will need to revise the master budget as indicated below. Remember to use the tables in the Packet for VPW 4.1 as a reference. 1) How many units will Zigby Manufacturing sell in the "one-time" sales? _16,000+2_32.000 Update the Sales Budget to by including adding these units to May Budgeted Unit Sales to what was used in connect. Complete the table below, calculating budgeted sales dollars for the quarter, ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Unit Sales Budgeted Unit Price 22,800 $24 32,000 $24 23,000 $24 77,800 April 2019 May 2019 June 2019 Totals for the 2nd quarter Budgeted Sales Dollars 547,200 768,000 552,000 1,867,200 Total ZIGBY MANUFACTURING Revised Raw Materials Budget April, May, and June 2019 April May Production budget (units) 26,040 26,600 Materials requirements per unit 0.50 0.50 Materials needed for production 13,020 13,300 Budgeted ending inventory 5,320 5,032 Total materials requirements (units) 18,340 18,332 Beginning inventory (6,510) (5,320) Materials to be purchased 11,830 13,012 Material price per unit $20 $20 Budgeted raw material purchases $236,600 $260,240 June 25,160 0.50 12,580 5,500 18,080 (5,032) 13,048 $20 $260,960 37,890 $20 $757,800 5) The Direct Labor Budget will need to be updated for the changes to the production budget. This table is completed similarly to the budget table in connect. Total Budgeted production (units) Labor requirements per unit (hours) Total labor hours needed Direct labor rate (per hour) Budgeted direct labor cost ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April May 26,040 26,600 0.50 0.50 13,020 13,300 $11 $11 $143,220 $146,300 June 25,160 0.50 12,580 $11 $138,380 38,900 $11 $427,900 6) Factory Overhead Budget will need to be updated for the production and labor requirement changes. This table is completed similarly to the budget table in connect. Total Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May 13,020 13,300 4.20 4.20 54,684 55,860 35,020 35,020 89,704 90,880 June 12,580 4.20 52,836 35,020 87,856 163,380 105,060 268,440 Note: The Selling Expense Budget and the General and Administrative Expense Budgets will not need to be revised. Make sure you use the information from the original budgets as prepared on connect. 7) The one-time order will be on account and Zigby's management is concerned about the strain on cash requirements this will have. To attempt to ease the situation, the company plans to intensify ault in anlletion of 15% 11 8) Additionally, to conserve cash, the company has decided to delay payment for their raw material purchases. Where they were previously paying in the month after the purchases were made, the company will now only pay 80% of their purchases in the first month after the purchases are made. The remaining 20% will be paid in the second month after purchase. The March 31 accounts payable will be paid in accordance with this new policy (80% in April and the remaining 20% in May. Complete the following table to estimate the cash payments for RAW MATERIAL purchases in 4 above. The amounts from this table will be used in the revised cash budget in 8 below. Estimated Payments for Raw Material Purchases April May June June 30 Accounts Payable 163,600 40,900 189,280 March 31 Accounts Payable April purchases May Purchases June Purchases Total cash payments 47,320 208,192 52,048 260,960 313,008 163,600 230,180 255,512 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable. Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 65,000 437,760 90,200 308,028 900,988 630,000 (165,000) 465,000 $1,365,988 $ 204,500 27,000 231,500 515,000 746,500 350,000 269,488 619,488 $1,365,988 May June $ April 65,000$ 154,016 547,200 514,560 612,200 668,576 $ 217,046 417,600 634,646 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment Shipping Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 204,500 99,220 37,884 54,720 4,500 27,000 0 270 3,090 0 194,700 114,950 43,890 38,400 4,500 27,000 25,000 0 3,090 0 218,800 125,730 48,006 55,200 4,500 27,000 0 0 3,090 145,000 0 627,326 7,320 47,680 55,000 0 451,530 0 431,184 181,016 (27,000) 154,016 217,046 0 $ 217,046