prepare cash payment

additional info and balance sheet

here is also the cash sale report please look

mounts you entered into the budget to the newest whole d a b ismo in the w Prepare the cash payments budget. Round de notre a ve the box empty Benedett o prepared above BE Cash Payment First Second Fourt T retman purchases $ 2234S 320 s 210 First Second Quarter Cash Payments 20. Accounts Payable balance December 31, 2018 - Idrom a ss point Ist direct material purchases paid in 2 Indo-o direct mana purchases paid in 2 and on ou dred material purchases paid in ar. 3 Sed direct material purchases paid in 3 largon on drect material purchases paid in arr. 4 om direct material purchase paid in 4 Total payment for direct materials Doct Labor Total payments for direct labor Manufacturing Overhead: Variable manufacturing overhead Uts, insurance property taxes 8160 Total payments for manufacturing overhead 12.520 13,328 14,120 50.432 Selling and Administrative Expenses Salaries Expanse Rant Expense Insurance Expense Suco Expense Total payments for Selling and Admin, expenses Income Taxes Total payments for income taxes CalExpenditures Total payments for capital expenditures Total cash payments before interest Accounts Payabance, December 31, 2019 th e direct material purchases Oto 2020 0 Reference Gilder Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be produced 1.120 1,640 1,840 2,040 6,640 VOH cost per tire Budgeted VOH Budgeted FOH 4,480 $ 6,560 $ 7,360 $ 8,160 $ 26,560 Depreciation 2,000 5,968 2,000 5.968 8,000 23,872 Utilities, insurance, property taxes Total budgeted FOH 2,000 5,968 7,968 15,328 2,000 5,968 7,968 16,128 $ 7,968 12.448 S 7,968 14,528 $ 31,872 58,432 Budgeted manufacturing overhead costs 224328368408 Direct labor hours Budgeted manufacturing overhead costs 1,328 58,432 44 Predetermined overhead allocation rate Print Done 0 Reference Total Gilder Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Salaries Expense 12,000 $ 12,000 $ 12,000 $ Rent Expense 5,700 5,700 5,700 Insurance Expense 600 600 600 Depreciation Expense 500 500 500 2,560 2,240 2,880 Supplies Expense $ 21,040 $ 21,360 $ 21,680 $ Total budgeted selling and administrative expense Fourth Quarter 12,000 $ 5,700 600 500 3,200 22,000 48,000 22,800 2,400 2.000 10,880 86,080 Print Print Done Done i More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1.400 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 600 tires at $36 each. c. Desired ending Finished Goods Inventory is 20% of the next quarter's sales; first quarter sales for 2020 are expected be 2,200 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,200 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $9.50 per pound. f. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 1.200 pounds, indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.20 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $4 per tire. i. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $5,968 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $5,700 per quarter for rent; $600 per quarter for insurance, and $500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid in the first quarter. t are 65% in the quarter of the sale and 35% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter, December 31, 2018, Accounts Payable is paid in the first quarter of 2019 o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $4,000 per quarter and is paid in the quarter incurred. Gilder desires to maintain a minimum cash balance of $35.000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done Cash Receipts from Customers First Quarter Third Quarter $ 144,000 Total Total sales $ Second Quarter $ 128,000 Second Quarter 112,000 Fourth Quarter $ 160,000 Fourth Quarter $544,000 First Quarter Third Quarter Total $ 35,000 44,800 43,680 $ 23,520 51,200 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr. ---Cash sales 4th Qtr.----Credit sales, collection of Qtr. 4 sales in Qtr. 4 49,920 $ 26,880 57,600 56,160 $ 30,240 64,000 62,400 $ 156,640 123,480 $ 124,640 $ 140,640 Total cash receipts from customers $ 545,400 Accounts Receivable balance, December 31, 2019: 4th Qtr.--Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 $ 33,600