Problem (IID): Comprehensive Budgeting The following data relate to the operations of Stalow Compary, in wholenale distalieitor of conssiner goods: Current balance as of March 3I: a. The grow margi. b. Actal and luigeted sales dats: c. Sales are 60%6 for cash and 40%6 on credit. Credit ales are collected in the month follonwing sale. The accounts receivable at Marh 31 are a remlt of March credit sales. d. Each month's erimg inventory sbould oqual 80 of the following mooth's budgeted cost of Roods sold e. One-half of a month's im entory purchases is puid for in the month of purchase, the otber half is paid for in the following mosth. The accounts payable at March 31 are the resalt of March purchates of imventory 1. Monthly expenser are as follows coemmissions, 1296 of sales, rent, 52,500 per manth; other expenses (cxcluding depreciation), 6\%u of sales. Assume that these experses are paid monthly. Degrecinhon is 5900 per mooth (inchades depreciation on new assets) 8. Equipment costing 51.500 will be purchased for cahh in April. h. Managenscat would like to maintein a mininmun conh bul moe of at leat 51,000 at the end of each month. The cocepany has an agreement with a local bank that allows the company to boarow in increasents of $1,000 at the beginninz of eich month. up to a total loan balance of $20,000. The intacst rate ca theie loam is 146 per month and for simplicity we will anstume. that intercat is not compounded, The coipeny wonld, as fit as it is able, repay the loan plas acemenalatcd interest af the end of the gqarter. Problem (IID): Comprehensive Budgeting The following data relate to the operations of Stalow Compary, in wholenale distalieitor of conssiner goods: Current balance as of March 3I: a. The grow margi. b. Actal and luigeted sales dats: c. Sales are 60%6 for cash and 40%6 on credit. Credit ales are collected in the month follonwing sale. The accounts receivable at Marh 31 are a remlt of March credit sales. d. Each month's erimg inventory sbould oqual 80 of the following mooth's budgeted cost of Roods sold e. One-half of a month's im entory purchases is puid for in the month of purchase, the otber half is paid for in the following mosth. The accounts payable at March 31 are the resalt of March purchates of imventory 1. Monthly expenser are as follows coemmissions, 1296 of sales, rent, 52,500 per manth; other expenses (cxcluding depreciation), 6\%u of sales. Assume that these experses are paid monthly. Degrecinhon is 5900 per mooth (inchades depreciation on new assets) 8. Equipment costing 51.500 will be purchased for cahh in April. h. Managenscat would like to maintein a mininmun conh bul moe of at leat 51,000 at the end of each month. The cocepany has an agreement with a local bank that allows the company to boarow in increasents of $1,000 at the beginninz of eich month. up to a total loan balance of $20,000. The intacst rate ca theie loam is 146 per month and for simplicity we will anstume. that intercat is not compounded, The coipeny wonld, as fit as it is able, repay the loan plas acemenalatcd interest af the end of the gqarter