QUESTION 5 Partially correct Mark 19.90 out of 30.00 Flag question Developing a Master Budge for a Merchandising Organization Peyton Department Store prepares budgets quarterly . The following information is available for use in planning the second quarter budgets for 2010 PEYTON DEPARTMENT STORE Balance Sheet March 31 2010 Assets Liabilities and Stockholders Equity Cash $2 090 Accounts payable 526 090 Accounts receivable 25 090 Dividends payable 7:090 Inventory 30 090 Rent payable 090 Prepaid Insurance 2090 Stockholders equity 40.090 Fixtures 25020 Total assets 584 090 Total liabilities and equity 584 090Actual and forecasted sales for selected months in 2010 are as follows Month Sales Revenue January 580 090 February 50.020 March 40 090 April 50 090 May 60 000 June 70.090 July 90.090 ALELIST 80.090 Monthly operating expenses are as follows Wages and salaries 526 090 Depreciation 100 Unlines 1090 Rent 1090[h] Prepare a cash receipis schedule for each month of the second quarter endingjune 30. 2010. Do not include borrowings. meme - x *|:| I *III x *|:| x [c] Prepare a cash disbursements schedule for each month of the second quarter endingjune 3D. 2010. Do not include repayments of borrowings. mm s 26m\" - - - disbursements I i BLED\" I i 35.5\"\" I i 513m] I Peyton Department Store Monthly Cash Budget Quarter Ending June 30 , 2010 April May June Total Cash balance , beginning 2000 2090 2000 2000 Receipts O X Disbursements Excess receipts over dish . Balance before borrowings Borrowings Loan repayments Cash balance , endingPeyton Department Store Budgeted Balance Sheet June 30 , 2010 Assets Liabilities and Equity Cash 2000 Merchandise payable Accounts receivable 41090 Dividend payable Inventory 54090 Rent payable 1000 Prepaid insurance 300 Loans payable 30.000 Fixtures 25090 Interest payable 350 Total assets 127590 Stockholders equity 40.090 Total lab . & equity $ 132500