Prepare a purchases budget for each month of the second quarter ending June $30,2024.$

Prepare a cash receipts schedule for each month of the second quarter ending June $30,2024.$ Do not include borrowings.

Prepare a cash disbursements schedule for each month of the second quarter ending June $30,2024.$ Do not include repayments of borrowings.

Prepare a cash budget for each month of the second quarter ending June $30,2024.$ Include budgeted borrowings and repayments.

Prepare a pro forma income statement for each month of the second quarter ending June $30,2024.$

Scenario

BENNY'S prepares its budgets quarterly. The following information is available for use in planning the second quarter budgets for

BENNY'S

Balance Sheet

March $31,2024$

$[$in thousands$]$

Actual and forecasted sles for selected months in $2024$ are as follows:

Sales Revenue by Month $($in thousands$)$

Monthly operating expenses $($in thousands$)$ are as followe:

Cash dividends of $$710$ thousand are declared during the third month of each quarter and are paid during the first month of the following

quarter. Operating expenses, except insurance and depreciation, are paid as incurred. The prepaid insurnence is for frve more months. Coat of

goods sold is equal to $60\%$ of sales. Ending inwentories are sufficient for $150\%$ of the next month's cost of sales. Purchases during arry given

month are paid in full during the following month. Cash sales account for $50\%$ of all revenue. Of the credit $s$ ales, $60\%$ are colkected in the next

month and $40\%$ are collected in the manth after. Money can be borrowed and repaid in multiples of $$100$ theusand at an interest rate of $12\%$

per year. The compamy desires a minimum cash balance of $$2$ million on the first of each manth. At the time the principal is repaid, interest is

paid on the partion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month

Money is never repoid at the end of the month it is borrowed.

Prepare a pro forma budgeted balance sheet as of June $30,2024.$