Required: (a) Construct a cash budget for year 10 for Cortez Beach Yacht Club. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) (1) Other financial information as of October 31. Year 9. (a) Cash in checking account $19500 (b) Petty cash. $1.150. (c) Outstanding mortgage balance $852 000 (d)Accounts payable for supplies and utilities unpaid as of October 31. Year 9. and due in November Year 9. $6.100. (2) The club purchased S61 000 worth of sailing equipment during the current fiscal year (ending October 31 Year 9) Cash of $31000 was paid on delivery, with the balance due on October 1. which had not been paid as of October 31 Year 9 (3) The club began operations in year 3 in rental quarters In October Year 5. it purchased its current property (land and building) for $1398 000. paying $262000 down and agreeing to pay $71.000 plus 6 percent interest annually on the previously unpaid loan balance each November 1 starting November 1, Year 6. (4) Membership rose 4 percent during year 9. approximately the same annual rate of increase the club has experienced since it opened and that is expected to continue in the future. (5) Membership fees were increased by 20 percent in year 9 The board has tentative plans to increase them by 9 percent in year 10. (6) Lesson and class fees have not been increased for three years The number of classes and lessons has grown significantly each year. the percentage growth experienced in year 9 is expected to be repeated in year 10 (7) Miscellaneous revenues are expected to grow in year 10 (over year 9) at the same percentage as experienced in year 9 (over year 8) (8) Lesson and class employees? wages and benefits will increase to $610.150 The wages and benefits of regular employees and the manager will increase 20 percent. Equipment depreciation and supplies. utilities, and miscellaneous expenses are expected to increase 25 percent Problem 13-50 Prepare Cash Budget for Service Organization (LO 13-4, 5, 6, 7) The board of directors of the Cortez 8each Yacht Club (CBYC) is developing plans to acquire more equipment for lessons and rentals and to expand club facilities The board plans to purchase about $61000 of new equipment each year and wants to begin a fund to purchase a $611000 piece of property for club expansion The club manager is concerned about the clubs capability to purchase equipment and expand its facilities One club member has agreed to help prepare the following financial statements and help the manager ascertain whether the plans are realistic Additional information follows the financial statements Required: (a) Construct a cash budget for year 10 for Cortez Beach Yacht Club. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) (1) Other financial information as of October 31. Year 9. (a) Cash in checking account $19500 (b) Petty cash. $1.150. (c) Outstanding mortgage balance $852 000 (d)Accounts payable for supplies and utilities unpaid as of October 31. Year 9. and due in November Year 9. $6.100. (2) The club purchased S61 000 worth of sailing equipment during the current fiscal year (ending October 31 Year 9) Cash of $31000 was paid on delivery, with the balance due on October 1. which had not been paid as of October 31 Year 9 (3) The club began operations in year 3 in rental quarters In October Year 5. it purchased its current property (land and building) for $1398 000. paying $262000 down and agreeing to pay $71.000 plus 6 percent interest annually on the previously unpaid loan balance each November 1 starting November 1, Year 6. (4) Membership rose 4 percent during year 9. approximately the same annual rate of increase the club has experienced since it opened and that is expected to continue in the future. (5) Membership fees were increased by 20 percent in year 9 The board has tentative plans to increase them by 9 percent in year 10. (6) Lesson and class fees have not been increased for three years The number of classes and lessons has grown significantly each year. the percentage growth experienced in year 9 is expected to be repeated in year 10 (7) Miscellaneous revenues are expected to grow in year 10 (over year 9) at the same percentage as experienced in year 9 (over year 8) (8) Lesson and class employees? wages and benefits will increase to $610.150 The wages and benefits of regular employees and the manager will increase 20 percent. Equipment depreciation and supplies. utilities, and miscellaneous expenses are expected to increase 25 percent Problem 13-50 Prepare Cash Budget for Service Organization (LO 13-4, 5, 6, 7) The board of directors of the Cortez 8each Yacht Club (CBYC) is developing plans to acquire more equipment for lessons and rentals and to expand club facilities The board plans to purchase about $61000 of new equipment each year and wants to begin a fund to purchase a $611000 piece of property for club expansion The club manager is concerned about the clubs capability to purchase equipment and expand its facilities One club member has agreed to help prepare the following financial statements and help the manager ascertain whether the plans are realistic Additional information follows the financial statements