Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14- 2, 14-3, 14-4, 14-5; 14-6 [The following information applies to the questions displayed below.] Baird Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks: Problem 14-23 Part 1 Required a. October sales are estimated to be $300,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. Prey 1 of 1 Next f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in w are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Baird borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per mont on the last day of the month. To be prudent, the company desires to maintain a $13,000 cash cushion. Prepare a cash bu Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the Complete this question by entering your answers in the tabs below. Required A Required B Required a Required D Required E Required F Utilities and sales commissions are paid the month after they are incurred; all other e they are incurred. Prepare a cash payments budget for selling and administrative exp- October November December Schedule of Cash Payments for S&A Expenses Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous $ 0 $ 0 $ 0 Total payments for S&A expenses