Secure Corporation is preparing its cash payments budget for next month. The following information pertains to the cash payments: (3) (Click the icon to view the data.) How much cash will be paid out next month? More info a. Secure Corporation pays for 45% of its direct materials purchases in the month of purchase and the remainder the following month. Last month's direct material purchases were $75,000, while the company anticipates $81,000 of direct material purchases next month. b. Direct labor for the upcoming month is budgeted to be $33,000 and will be paid at the end of the upcoming month. c. Manufacturing overhead is estimated to be 150% of direct labor cost each month and is paid in the month in which it is incurred. This monthly estimate includes $11,000 of depreciation on the plant and equipment. d. Monthly operating expenses for next month are expected to be $45,000. which includes $2,000 of depreciation on office equipment and $1,100 of bad dobt expense. These monthly operating expenses are paid during the month in which they are incurred. 1. Secure Corporation will be making an estimated tax poyment of $7,600 next month. Town Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,005,000 in September, $2,210,000 in October, $2,377,000 in November, and $2,510,000 in December. Town Logos sets its prices to eam an average 40% gross profit on sales revenue. The company does not want inventory to fall below $440,000 plus 20% of the next month's cost of goods soid. Prepare a cost of goods sold, inventory, and purchases budget for the months of October and November. The Golden Fusion, a local Thai restaurant, expects sales to be $845,000 in January. Its average customer restaurant bill is $65. Only 20% of the restaurant biliz are paid with cash; 60% are paid with credit cards and 20% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.60 per transaction +2% of the amount charged Debit cards: $0.45 per transaction +1% of the amount charged Read the tequirements. Requirement 1. How much of the total sales revenue is expected to be paid in cash? The total sales revenue expected to be paid in cash is Requirements 1. How much of the total sales revenue is expected to be paid in cash? 2. How many customer transactions does the company expect in January? 3. How much of the total sales revenue is expected to be paid with credit cards? 4. How many customer transactions will be paid for by customers using credit cards? 5. When budgeting for Januarys operating expenses, how much should the restaurant expect to incur in credit card transaction fees? 6. How much of the total sales revenue is expected to be paid with debit cards? 7. How many customer transactions will be paid for by customers using debit cards? 8. When budgeting for January's operating expenses, how much should the restaurant expect to incur in debit card transaction foes? 9. How much money will be deposiled in the restauranrs bank account during the month of January related to credit and debit card saies? Assume the crodit and debit card issuers deposit the funds on the same day the transactions occur at the restaurant (there is no procossing delay). 10. What is the total amount of money that the restaurant expects to deposit in its bank account during the month of January from cash, credit card, and dobit card sales? Again assume the crodit and debit card issuers deposit the funds on the same day that the transaction occurs. Berkner Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,500,000. Suppose management projects that its current year's quarterly sales will increase by 2% in quarter 1 , by another 7% in quarter 2 , by another 6% in quarter 3 , and by another 5% in quarter 4 . Management expects cost of goods sold to be 55% of revenues every quarter, while operating expenses should be 20% of revenues during each of the first two quarters, 30% of revenues during the third quarter, and 25% during the fourth quarter. Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year. Prepare the first portion of the budgeted income statement through gross profit, then complete the statement. (Round the amounts to the nearest whole colliar)