Saving Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Saving Plus Store Sales Budget For the Months of November and December Cash sales Credit sales Total sales November December 103,600 124,320 310,800 372,960 414,400 497,280 Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for Noven Saving Plus Store Cost of Goods Sold, Inventory, and Purchases Budget Data Table following in . October sales are projected to be $370,000. vember and mber ember 124,320 372,960 497,280 ld, inventory, an ore nd Purchases B en continue to the Sales are projected to increase by 12% in November and another 20% in December and then return to the October level in January. 25% of sales are made in cash while the remaining 75% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts. . The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $16,000 plus 25% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $71,500. Expected monthly operating expenses and details about payments include the following: . Wages of store workers should be $7,000 per month and are paid on the last day of each month. Utilities expense is expected to be $1,500 per month in September, October, and November. Print Done -X Data Table 1 an es B to the . . . . . Wages of store workers should be $7,000 per month and are paid on the last day of each month. Utilities expense is expected to be $1,500 per month in September, October, and November. Utilities expense is expected to be $1,900 per month during the colder months of December, January, and February. All utility bills are paid the month after incurred. Property tax is $28,800 per year and is paid semiannually each December and June. Property and liability insurance is $21,600 per year and is paid semiannually each January and July. Depreciation expense is $192,000 per year; the straight-line method used. Transaction fees, as stated earlier, are 5% of credit and debit card sales. Cash dividends of $210,000 are to be paid in December. Assume the cash balance on October 31 is $15,000. The company wants to maintain a cash balance of at least $15,000 at the end of every month. The company has arranged a line of credit with a local bank at a 8% interest rate. There is no outstanding debt as of October 31. Print Done Saving Plus Store is a local discount store with the following information (Cick the icon to view the information.) Read the requirements Requirement 1. Prepare the sales budget for November and December Saving Plus Store Sales Budget For the Months of November and December Cash sales Credit salos November 103,600 310.800 414 400 December 124 320 372,960 497 280 Total sales Requirement 2. Prepare the cost of goods sold, Inventory, and purchases budget for November and December Saving Plus Store Cost of Goods Sold, Inventory, and Purchases Budget Enter any number in the edit fields and then continue to the next question Le Saving Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Saving Plus Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold 248,640 298,368 Plus: Desired ending inventory 90,592 71,500 Total inventory required 339,232 369,868 Less: Beginning inventory (78,160) (90,592) 261,072 Purchases 279,276 Requirement 3. Prepare the operating expense budget for November and December Enter any number in the edit fields and then continue to the next question Requirement 3. Prepare the operating expense budget for November and December. Saving Plus Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expense 7,000 7,000 Utilities expense 1,300 1,900 Property tax expense 2,400 2,400 Property and liability insuranse expense 1,800 1,800 Depreciation expense 16.000 16.000 Credit/Debit card fees expense 15.540 18,648 Total operating expenses 44,040 47.748 Enter any number in the edit fields and then continue to the next question (Click the icon to view the information.) Read the requirements. Requirement 4. Prepare the budgeted income statement for November and December Review the budgets prepared in Requirements 1, 2, and 3. Saving Plus Store Budgeted Income Statement For the Months of November and December November December Sales revenue 414,400 497,280 Less: Cost of goods sold (248,640) (298,368) Gross profit 165,760 198,912 Less Operating expenses (44.040) (47.748) 121,720 Net income 151,164 Requirement 5. Prepare the cash collections budget for November and December. Enter any number in the edit fields and then continue to the next question. Saving Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 5. Prepare the cash collections budget for November and December. Review the sales budget prepared in Requirement 1. Saving Plus Cash Collections Budget For the Months of November and December Cash sales November December Credit sales, net of fees Total cash collections Requirement 6. Prepare the cash payments budget for November and December. (If no cash pa Review the budgets prepared in Requirements 1. 2. and 3. Requirement 6. Prepare the cash payments budget for November and December. (If no cash payment is made, make sure to enter "0" in the appropriate cell.) Review the budgets prepared in Requirements 1, 2, and 3 Saving Plus Cash Payments for Operating Expenses Budget For the Months of November and December Purchases of inventory, 30 day lag November December Cash payments for wages Cash payments for utilities Cash payments for property taxes Cash payments for dividends Property and liability Insurance Enter any number in the edit fields and then continue to the next question Toe here to Saving Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Saving Plus Cash Payments for Operating Expenses Budget For the Months of November and December Purchases of inventory, 30 day lag Cash payments for wages November December Cash payments for utilities Cash payments for property taxes Cash payments for dividends Property and liability insurance Total payments for operating expenses Requirement 7. Prepare the combined cash budget for November and December. (Enter a "0" for Read the requirements Requirement 7. Prepare the combined cash budget for November and December. (Enter a "0" for any zero amounts Use parentheses or a minus sign for negative cash balances and financing payments } Review the cash collections and cash payments budgets prepared in Requirements 5 and 6 Saving Plus Combined Cash Budget For the Months of November and December Beginning cath balance Plus Cash colacions Total cash availabi Less Cash payma Ending cash balance before trancing November December Finandna Enter any number in the eat fields and then continue the next question Saving Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. For the Months of November and December Beginning cash balance Plus: Cash collections November December Total cash available Less: Cash payments Ending cash balance before financing Financing Plus: New borrowings Less: Debt repayments Less: Interest payments Ending cash balance Enter any number in the edit fields and then continue to the next question