Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14-2. 14-3, 14-4, 34-5, 14-6 dpeting a new siore on Octooer 1 2019 The comparry preeident foined a budyet for the Irst three months of operation as budget coordinatior, you huase been asgned the foilowing asks: Problem 14-23 Part1 Required cant wil be cash and 60 percent wiil be credt The company rxpects te of 25 percest per menth. Prepare sales hustget t af the accoures rocevable generated by ciedit sales in the month forilowing the sae b. The compeny expects 0 colect 100 c. The tost af goods sold & 60 pencent of sais. The Prepare a scthedule of cash receps sie made n account. Prepare on inventory punchoses Pepie a cash paysents badget for inventary purchoes to martan a mimun ending invectoy equa to 10 percent of assume ther al purchines bie in the sonth of puichaoe ard the remanng 30 percent in the fol owing month s cost of gooch sold Howser, ending inventory of December ia expected to be $t2 co0 n ot accounts peyabie expense tFLxed) $18,669 sx of Sales 2% of sales utilities (fixed) ceretiatian on stare fistures 4,000 4,869 Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14-2. 14-3, 14-4, 34-5, 14-6 dpeting a new siore on Octooer 1 2019 The comparry preeident foined a budyet for the Irst three months of operation as budget coordinatior, you huase been asgned the foilowing asks: Problem 14-23 Part1 Required cant wil be cash and 60 percent wiil be credt The company rxpects te of 25 percest per menth. Prepare sales hustget t af the accoures rocevable generated by ciedit sales in the month forilowing the sae b. The compeny expects 0 colect 100 c. The tost af goods sold & 60 pencent of sais. The Prepare a scthedule of cash receps sie made n account. Prepare on inventory punchoses Pepie a cash paysents badget for inventary purchoes to martan a mimun ending invectoy equa to 10 percent of assume ther al purchines bie in the sonth of puichaoe ard the remanng 30 percent in the fol owing month s cost of gooch sold Howser, ending inventory of December ia expected to be $t2 co0 n ot accounts peyabie expense tFLxed) $18,669 sx of Sales 2% of sales utilities (fixed) ceretiatian on stare fistures 4,000 4,869