Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2 , and 3. Requirement 5. Prepare the cash collections budget for November and December. Review the sales budget prepared in Recuirement 1. Requirement 6. Prepare the cash payments budget for November and December, (If no cash payment is made, make sure to enter "0" in the appropnate cel Review the budgets prepared in Requirements 1,2 , and 3 . Saring Plus Stone is a becal discount store with the following information: (Click the icon to view the information) Buar Toble Resarinoksulements. Pequirement 1. Prepave the sales budpet for November and December Data table + October sales we projected to be $380,000. - Sales are projected to increase by 15N in Nevember and another 25% in December and then retura to the October level in dafnuary. - 30% of ales are mude in eash whle the remaining Noss are paid by credit or debil cards. The chesty card comparies and barks (debit card asuers) charge a 4% transaction fee. and deposit the net amount (asles price less the transaction fee) in the store's bank account daly. The store does not accept checks. Because of the payment mechanisms, there is no risk of noo-payment or bod-debts. - The store's gross proft is 30% of its sales revenue. - For the next severa months, the ssore warts to muirlain in ending merchandise inventery equal to $17,000 plus 20% of the next montevs cost ef goods soid. Al purchases for merchandise are made on acceurt ard paid in the menth following the purthase. The Secte-ber 30 imentory is expected to be $70.200. saving Plus store Cost of Coods Sold, inventory, and Purehases tludget - Expected morthly speratirg expenses and setals about payments include Requirement 2 Prepare the cest of goods sold, inventory, and purchases budget for November and December. the following: . Wages of store workens should be $7,900 per month and are paid on the last day of each month. - Unities expense is expected to be 5600 per month in September, October, and November. - Uales expenae is expected to be $1,400 per month during the colder monts of Dectmber, Aansary, and February. - All utlity bils are paid the month ater incurred. - Property tax is \$21,600 per year and is paid semiannualy each December and dune: + Property and labity inturance is $21,000 per year and is poid semiannualy each danuary and July. - Depreciason expense in \$204,000 per yeir; the sraight-line method used. - Cash fividerefe of \$240,000 ave to te paid is December. - Assume the cash baiance on Octoter 31 is $10.000. The company wasts to maintain a eash balance of at least $5,000 at the end of every monh. - The company has arranged a line of credi with a local bank at a B\% inserest ime There is no oulatanding debt as of Octoter 31. Requirement 2 . Prepare the eperating exeense budget for Novemter and December. Requirement 7. Prepare the combined cash budget for November and December, (Enter a "0" for any zero amounts. Use parenitheses or a minus sign for negative cash belances and financing payments) Review the cash collections and cash payments budgets prepared in Requirecrents 5 and 6