Shelly, please find questions attached. Due in 5 hours. Let me know if you can finish it.

' Ohmme File Edi'l View History Bookmarks Peapla Winduw Help C I G) ezin.mheducation.oomihm.tpx?_=u.0917586?89850463_149066706464 pp: 9 University Search |... D Onlina Registration e In DIfensl oi Fund... '5.- J2 10-13 W Gait... '3 Massage Mlndar W... E MOTEGI RACING... Q In DIfensl oi Fund... D Grad students bull... 1 value: ' 1.00 points Exercise 81 Schedule of Expected Cash Collections [LOB-2] Silver Company makes a pmducl that is very pupulIr as a Muiel's Day gi. Thus, pmk sale-j incur in May of each year, as shown in the company's sales budgel for the second quarter g'ven below: Ap-i May Juna TWI Budgeted salestallonanmunl) $390,000 $590,000 $230,000 $1,210,000 Frurn peel enperienue. Ihe company has learned that 25% of e munih's sales are aolleuled in Illa manlh of sale, another 50% are mllemed in the mnn1h following sale, and the remainlrg 15% are collected in the second munlh following sale. Bad debts are neglkgibla end can be ignared. Febmery sales MIled $320,000, and March sales [dialed $350,000. Required: 1. Prepare a schedule uf expended cash deections frurn eel-i, by marlin end in iuial, fur the ascend quarter, February sales March sales April sales May sales ALAAIAP June sales Total cash collections ' Gimme File Edit View History Bookmarks Peapla Winduw Help Bug-9;, 33g.\" LII {9 $ "5-\" I1 SWEEP Mon7:11 PM sz'inmmlrl Q ' . ,. 7 \"(Ewe .73\" (- C I G) ezln.mhaducation.mmfhm.tpx?_:0.0917586?898950463_1499667064964 555 App: 6 Univerelty Search |... D Onlina Registration e In DIIfens 01 Food... 9.. J2 10-13 vw Golf... ITotal cash mllecJJons I '3 Message Mlndar W... E MOTEGI RACING... Q In DIfensl 01 Food... D Grad students bull... 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the account: receivable as dl'that dale. WWW?\" IJune sulss ITotel accounts receivable at June 30 I I Hlnte References eooli 8; Resources Hint #1 Check my work ' Gimme File Edi'l View History Bookmarks Peaple Winduw Help 95455 m LI-l '5) $ 'g' I! SWEEP Mon7'1PM FawazAlSh-mrnlrl Q I". ' ' ' (- C I G) e'zinmheducatiomoomihmmx we 9 University Search |... D Onlina Registration 9 In Defens- 01 Feed... '5.- J2 10-13 W Golf... 1'9 Message Mlndar w... '3 MOTEGI RACING... Q In Defens- 01 Fund... D Grad students bull... L' 1.00 palms Exercise 8-2 Production Budget [LOB-3] Down Under Products, Ltd., of Australia has budgaed sales of its pupular buornerang fur Ina nerd four months as follews: Sale: 'll "Hill April 82,000 May 90.000 June 122,000 July 96,000 The company is new in ma puma al preparing a pmducnn budget for he semnd quarter Past experience has shown that end-elmunih inventory levels must equal 15% ul' lha following month's sales. The inventory at the and oi March was 12,300 units. Required: Prepare a pmduclion budgel for [he amend quaner', in your budget, elm 1h- number cl units in be produced each monlh and for the quarlar in mlal. Budgeled units sales Total needs Required produmion in units ' Gimme File Edit View History Bookmarks People Window Help 65?.\" a?\" LIJ {9 >3 "5-\" I1 \"Bit-[1| Mon?:11 PM FaurezAlSnmm-rl Q [ElWWWXKU-WKXI.WEXIWL&X me My\" mum. Kw; \\Qe C |eztn.mheducetion.oom.'hm.tpx i @ i we a Unlverslty Search |... B Online Registration e In DIfensI ot Food... '0' J2 10-13 VW Golf... 1") Message Mlnoer W... E MOTEGI RACING... Q In DIfensI ot Food... D Grad students bull... 3 value: 2.00 points Problem 822 Cash Budget with Supporting Schedules [LOB-2, LOB-4. LOB8] Garden Sales, Inc., sells garden supplies. Management is pianning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The Following information has been assembled to assist in preparing a cash budget for the quarter: e. Budgeted monthly absorption costing income statements for AprilJuly are: Apri May June July Sales $ 530,000 S 730,000 S 430,000 $ 330,000 Cost of goods sold 371,000 511,000 301,000 231,000 Gross margin 150,000 210,000 12-,000 90,000 Selling and administrative expenses: Selling expense 73,000 93,000 54,000 33,000 Administrative expense\" 41,500 55,200 33,000 31,000 Total selling and administrative expenses 114,500 148,200 87,800 64,000 Net operating income $ 44,500 $ 70,800 $ 41,200 $ 35,000 l 'lnoludm $15,000 of depreciation each month. bSal are 20% for cash and 00% on amount. c.5aleo on account are collected over a lhreemonth period with 10% collected in the month ofsale; 30% collected in the rst month following the month of sale: and the remaining 10% collected in the semno gianth following the month ofsale. February's sales totaled $155,000, and March's sales totaled 15,000. 6. Inventory purchases are paid tor within 15 days. Therefore, 50% of a month's inventory purdtem are paid tor in the month of purdtase. The remaining 5096' paid the lolluwing month. Amounts payable at March 31 for inventory purchases during Mamh total 507,300. e. Each month's ending inventory must equal 20% of the cool of the merchandise to be sold in the following month The merchandise invento at March 31 is $74,200. ' Gnome File Edit View History Bookmarks People Window Help - MW\"? Memextumei (- C IG) e'ztnmheducatiomoomihmtpx ppc e Untverclty Search |... B Online Registration e In DIfensI 01 Food... 1L J2 10-13 W Golf... '3 Message Mlnder W... E MOTEGI RACING... Q In DIfensI 01 Food... D Grad students bull... .. "Includes $15,000 ol depreciation each month. KIW b.5ales are 20% for cash and 80% on account. c.5aies on account are collected over a threemonth period with 10% collected in the month ofsale: 80% collected in the rst month following the month of sale; and the remaining 10% collected in the semnd month following the month ofsale. February's sales totaled 5155.000, and March's sales totaled $215,000. d. Inventory purchases are paid lor within 15 days. Therefore. 50% of a month's inventory purchases are paid for in the month of purd'iese. The remaining 50% is paid in the following month. Accounts payable at March 31 for inventory purchases during March total 597,300. e. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchand'se inventory at March 31 is $74 200. f. Dividends of 523,000 will be declared and paid in April. 9. Land costing 531,000 will be purchased for cash in May. h.The cash balance at March 31 is 545,000: thI company must maintain a msh balance ofatleast $40000 at the end of each month. i. The company has an agreement with a local bank that allows the mmpeny to borrow in inmements of $1,000 at the beginning Bleach month, up to a total loan balance of $200,000 The interest le on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would. as far as it is able, repay the loan plus accumulated interest atthe end of the quarter. Required: 1. Prepare a schedule o'l'expected cash collections for April, May, and June. and for the quarter in total. iCash sales lSales on account: l Febmary March April May June chtal cash mllections ' Gimme File Edi'l View History Bookmarks Peaple Winduw Help I" a _ ' (- C I G) e'zinmheducatiomoomihmmx ::: Apps 9 University Search |... D Onlina Registration 9 In Defens- 01 Fund... '5.- J2 10-13 W Golf... l l l | | | 1'9 Message Mlnder w... E MOTEGI RACING... Q In Defens- o1 Fund... D Grad students bull... 2. Prepare the follawing for merchandise inventory: 3' A memhandise purdiesm budget for April, May. and June. Budgeted mail nf goods 5on Total needs Required inventory purchases b. A schedule of expected cash dlsbursemlms for merchandise purchases for April, May. and June, and fur the quaner in hotel. ' Gimme File Edi! View History Bookmarks Peapla Winduw Help ( - C lezln.mheducation.oomihm.tpx ::: Apps 9 University Search |... B Online Registration 9 In Defens- 01 Fund... '11- J2 10-13 VW Golf... 1'9 Message Mlnder w... E MOTEGI RACING... Q In Defenal o1 Fund... D Grad students bull... b. A schedule of expected cash disbursement for merchandise purchases for April, May. and June, and fur the quaner in Mal. Beginning amounts payable April purchalm May purchases June purchases Tmal cash disbursemenls 3. Prepare a cash budget forApril, May, and June as well as in Intel For Ihe quarler. (Cash deciency, Mplymnu and internal should in indie-had by I mlnul sign.) ' Gimme File Edi! View History Bookmarks Peaple Winduw Help ( - C I G) elzinmheducatiomeomihmipx ppe 9 Univerelty Search |... B Online Registration 9 In DefenaI 01 Fund... '11- J2 10-13 VW Golf... '3 Message Mlnder w... a MOTEGI RACING... Q In DefenaI 01 Fund... D Grad students bull... 3. Prepare a cash budget for April, May. and June as well as in total For [he quarler. (Ce-ll deciency, nplymnh and inkrul should in IndlerId by I minus Sign.) Beginning cash balance Add mllecone lmrn customers Total cash available Leg: cash disbursements: Purdiame inrinvenlery Selling expenses Mminimlive expenses Land purduaeeei Dividends paid anal (ash diebulsemenls Exmss (deciency) of cash available cuter disbursemenls Financing: Borrowings Repayment Interest Total nenu'ng Ending nsh balance C Gimme File Edi'l View History Bookmarks Peaple Winduw Help 95%;, mugs LI-l '5) $ "5-" It) Tbfi Wed3:51 PM FawazAlSh-mmerl Q T . G) eztumheduceliomoommmtpx - 2. Prepare the following for merchandim invenmry: a. A rnerchandlse purchases budget for April. May, and June. Answer is complete and correct $465,000 $207,000 1 1 1 l l W 1 lHudgeled -el oi goods sold IS 371,W'S 511W1$ 3013M my me Mr V ' " . T . . a " " ' ' $91,300 laud: Deelred endlng nrercnendree rnrrenrary { 1023M sogwl 40,200,! $135,500 $395,000 l iTmel needs _ 473,200 T 571,200 l 347,200 | 5305\"\" $513250: :33: l lLess: Beginn'ng merd'lendiee 'rwermry J 742ml 102,200.]! 00,200.}i amour $155,950 mum , , 7 , 1 r 1 lRequired invenlurj purchases 5 399,000 {5 459,000 15 287,300 I 1 l' _1 l Mrry m m:- l $40,900 $40,209 $45,000 $566,860 $510,000 swam: 1 h. A mhedule al expected cash dishureemems for mermendise purchases for April, May. and June, and 5931.400 $570,130 51.53%\" 1 for the quarter in trial, l $119,000 $166,950 $997,750 Answer is complete but not entirely correct :33 :33 $3.33 l $31,000 $0 $31,009 1 $0 $9 $21,900 $999,200 $219,750 $1,270,750 1 - $3,200 $030,450 $253,050 1 9 ' ' nls , bl 97,3 I !3 97,300 r : egllnnlng anmu pnya e ._$ W! I ._ $37,!!!) ' $167,000 IApnl purchases 199,500J: 199.50%! 399,000 5: .313E $133 1 Way purchases | 234.500./| amaxj 257,950 $31,909 , $170116\" $315,, 1 gJune purchases I I 143,50M 143,500 W' 5160.190 mama 1 leel cash disbulsernenlS .5 290,900 |$ 494,000 |$ 190,950 is 097,750 1 1_ 'i 1 . . [_!___ l | l 1 I 1 1 1 f . l l |'l 9. Prepare a cash budget for April, May, and June as well as in halal for he quarter (Caeh deciency. repayment: Ind Interest should in indicated by. minus sign.) ' n 29 \\ C Gimme File Edi'l View History Bookmarks Peaple Winduw Help 95%;, E95 LIJ '5) $ 'g' I10) Tbfl WedS:51 PM FamAlShnmmIrl Q 55 v _ . 'c 1 in Sheet G) eztumheduceiiomoommmtpx 3. Prepare a cash budget for April, May, and June as well as in tolai for [he quarhel', ((2th deciency, repayment and inure-t should be indicated by a minul llgn.] 3M!\" MW\"! THE-HIE A3. Answer is complete but not entirely correct c D E F L: $465,000 $207,000 ! 1 l : l m... l my me animu- 7 $31,300 1 $135,500 $395,000 l[ Beginning new balance 45,500X:s _ 45,000J \""5\"" $51,125\": $3; = lAdd eallaeliena 1mm eusiumers 200,400'Ji 560,300.; 1,498,200X WV \"5\"\" \"'5'\". 0 'Toual cash avallable 343,900 601,400 670,200 1,543,200 1 !' 1 Less (ash disbursements: 1: Pu releases fur invenibry 290,800.}i 434,000.) 108.9503', 007,1rsiox1 w m a r i 5 ll' 73,000Ji 03,000,] 54,000.! 220,000J $40-$00 5mm 515-90\" V e "'9 \"names ' i l $566,800 $600,000 $1,409,200 1 Adminisir-ilve expenses 40,000x, 403w 1333M 99,0DOXl $901,400 $670,200 $1,534,200 1[ Land purchases 0,]; 31,000,] M: 31,0004; $114,000 51mm $591,750 * Dividends paid 23,000,]i 0.] 041 23,000.; :33 3:3 5573523 0 Tomi cash disbursemenls 432,000 590,200 239,?50 1,2?0,?50 $31,020 :0 331.000 I , n 0 21,000 Exms (deciency) of Gash available over disbursements (38,900) 3,200 430,450 272,450 $593,250 $119,759 51,270,750 1 ' F' . ' $3,200 $430,450 $253,050 l manning: l ' 0 - l ' 0 l $37,000 $167,000 Borrowmgs 100,000xi 87,000X 167,000X $0 $15,\" $15,,\" 1 Repayment WI 0.] (110.000)!1 (107,000)xl 0 ' .saaen 0am l[ mm: mm mx nmxl em) 00: 00-0: 000:: i 'Tmel nanm'ng 200,000 74,000 (337,100) (3,100) l I .i l IEndil-ig cash balance 0 171,100 3 r7200 13-3ng 3 230,290 l' ' 'i I: l i l l | l l l . [ l l'l 4 ' Gnome File Edit View History Bookmarks People Window Help 65:73; g LI-l G $ "5-\" I10} 50503) Wed4:0lJPM FewezAlnmmorl Q I 0 I [m Ot-laptartght xKuwmwwmmx\\u ( C l G) ezto.mheduoation.oomlhm.tpx j} l G 3 Apps @ University Search l... D Onltne Registration e In Defense of Food... '0' J2 10-13 W Golf... '3 Message Mlnder W... a MOTEGI RACING... Q In Defense of Food... I] Grad students bull... Garden Sales, Inc., sells garden supplies. Management ls planning its cash needsfar the second quarter. The company usually has to borrow money during this quarter to support peak sal at lawn care equipment, which occur during May. The Following information has been assembled to assist in preparing a (ash budget for the quarter: a. Budgeted monthly absorption costing income statements for ApriHuly are: hpl'l May June July Sales $ 530,000 $ 730,000 $ 430,000 $ 330,000 Cost of goods sold 371,000 511,000 301,000 231,000 Gross margin 159,000 219,000 129,000 99,000 Selllng and administrative expenses: Setllng expense 13,090 93,090 54pm 33,000 Administrative expense\" 41,500 55,200 33,800 31,000 Total selling and admln'strative expenses 114,500 140,200 37,300 64,000 Net operatlng income 5 44,500 E 70,000 3 41,200 5 35,000 t 'lncluda $15,000 of depreciation each month. b.8ales are 20% lor cash and 80% on account. 0. Sala on account are collected over a threemonth period with 10% mllected in the month ofsale: 50% collected in the flrst month following the month of sale; and the remaining 10% collected in the semnd month following the month of sale. February's sales totaled $155,000, and March's sales totaled $215,000. d.lnventory purchases are paid lor within 15 days. 'l'herefore. 50% ct a month's lnventory purmeses are paid for in the month of purchase. The remalning 50% is pald in the following month. Accounts payable at March 31 For inventory purchases during March total 507,300, e.Each month's ending inventory must equal 20% 01 the 0061 of the merchandise to be sold in the following month. The merchand'sa inventory at March 31 is $74,200. t. Dividends of $23,000 will be declared and paid in April. g.Land ousting $31,000 will be purchased for cash in May. h.The (ash balance at March 31 is 545,000; the company must maintain a (ash balance ofatleast $40,000 at the end of each month. l. The company has an agreement with a Eocal bank that allows the company to borrow in increments of $1,000 at the beginning oi each month, up to a tote! loan balance of $200,000. The interest rate on these loans is 1% per month and for simpliclty we will assume that intemst is not compounded. The company would, as far as it is able, repay the loan plus amumulated interest at the end of the quarter. ' Gimme File Edi'l View History Bookmarks Peaple Winduw Help . G) eztu.mheduce1ion.oomlhm .tpx Required: 1. Prepare a schedule of expeded cash oollecllons for April, May, and June. and forlhe quarier in latal. Answer is complete and correct Cash sales 5 1M,Wl 5 146.0Wl 5 86,000.] 5 333.000 Salw on amount: I I February 12,400'1I 12,400 March 1375mi 17290.] 154,300 April 42,400J 339290| 42.4w 424,000 May 53.4004 467.200.]' 525.500 June | 34,490\"! 34,400 Total cash mllech'ona S 293.400 5 560,800 i5 630.000 5 1,489,200 2. Prepare the following for merchandim invenmry: a. A rnerchandlse purchases budget for April. May, and June. Answer is complete and correct Budgeted ml oi goods sold $ 371,wl$ 511,0W $ 301,0DOJ .Md: Desired ending merchandise inventory J 102.2004 602W 482W Tmal needs 473,200 571,200 347,200 Lesa: Beginn'ng rnentuendise 'Iwerm J 74.2w 102,20M 6020M i Required invenlury purchases 5 399.000 l5 469.000 .5 287.000 I; '3) at 4a It) mam: w:n1 PM FawazAISIrmm-rl q 55 ' Ohmrne File Edi'l View History Bookmarks People Window Help 9513', 51".\" LI-l {9 $ 'g' I1)l)B4%CI Wed4:01 PM FawezAlSh-mmlrl Q 55 i? .. .. . . G) ezto.rnheduce1ion.oomlhm.tpx ' a b. A schedule o'lexpec'led cash disbursements for merchandise purchases for April, May. and June, and for the quarter in tmal Answer is complete but not entirely correct Beginning acmums payable $ 97.3w 5 97.300 April purchases 1999M 199.50w 399,000 May purchases zumw' 23.450)( 257.950 June pumhalcs \"ij 143,500 Total ush disbursements S 296.300 5 434,000 5 166.950 5 897,750 3. Prepare a cash budget for April, May, and June as well as in total for he quarter ((2th deciency. repayment: and interest should be indicated by I minus llgn.] Answer is complete but not entirely correct Beginning cash balanw _ Add calleidions from (manners 293,4l'iw sanguw, w 1,493,200i Tutal cash available 343,900 601,400 6?0,200 1,543,200 Less (ash disbursements: Purdiases fur inventory 296,800.; 434,000.) 168.960X' 137,7sz Selling expenses 735W 933W SLOW 220.00%; Administrative expenses mm mm; 13am.) semi Land purd'iases 0,] 31,000,) 0.] 31,000.) . , . ' Ollmrne File Edi'l View History Bookmarks Paapla Winduw Help 9513', 5.9% LI-l {9 $ 'g' 1)))B4%Cl Wad4:01 PM FewezAlSl'lammIrl Q 55 . i G) ezt0.mhaducalion.oomlhm.tpx 7.: i ' a 3. Prepare a cash budget fur April, May, and June as well as in halal Fur Iha quarlen (Ca-h deficiency, replymanu and interest should in indicated by a minus sign.) Answer is complete but not entirely correct I Beginning cash balann 45.000J' iMd collaclions from euslorners - 1,493,2005E Total rash available 343.900 601,400 670,200 1,543,200 13$ cash disbursements: Purchases lnr inventory 200.000,]I 431.000,] 100,950x' amm Selling expanses 73.0W' 93,0004 54.0w 220.000J' Adminimll've expanses I MMXI IDIW- 13.800" W Lend purelraraea 0,45 31,000,) 7 0,; 31.000\"!l Dividends paid 23,000.; 0.) ' o.) 23,000.}l Tonal cash dimureemenle 7 432,300 500,200 230,750 1,270,750 Ens-cs (deciency) of cash available over dnburcemenl (88,900) 3,200 430,450 2?2,450 Financing: I Borrowings 130.0mx' 37me mm Repayment w! 0.1 (187mm (167,000))? Interest ' 130000!' 37,0003: (1 mnemx' (3.16mi Tolal linanu'ng 260,000 H.000 (337,160) (3,160) Ending cash balance 5 171.100 5 77,200 ls 93,290 5 269,290 C Gimme File Edi'l View History Bookmarks Peaple Winduw Help 95%;, mugs LI-l '5) $ "5-" It) Tbfi Wed3:51 PM FawazAlSh-mmerl Q T . G) eztumheduceliomoommmtpx - 2. Prepare the following for merchandim invenmry: a. A rnerchandlse purchases budget for April. May, and June. Answer is complete and correct $465,000 $207,000 1 1 1 l l W 1 lHudgeled -el oi goods sold IS 371,W'S 511W1$ 3013M my me Mr V ' " . T . . a " " ' ' $91,300 laud: Deelred endlng nrercnendree rnrrenrary { 1023M sogwl 40,200,! $135,500 $395,000 l iTmel needs _ 473,200 T 571,200 l 347,200 | 5305\"\" $513250: :33: l lLess: Beginn'ng merd'lendiee 'rwermry J 742ml 102,200.]! 00,200.}i amour $155,950 mum , , 7 , 1 r 1 lRequired invenlurj purchases 5 399,000 {5 459,000 15 287,300 I 1 l' _1 l Mrry m m:- l $40,900 $40,209 $45,000 $566,860 $510,000 swam: 1 h. A mhedule al expected cash dishureemems for mermendise purchases for April, May. and June, and 5931.400 $570,130 51.53%\" 1 for the quarter in trial, l $119,000 $166,950 $997,750 Answer is complete but not entirely correct :33 :33 $3.33 l $31,000 $0 $31,009 1 $0 $9 $21,900 $999,200 $219,750 $1,270,750 1 - $3,200 $030,450 $253,050 1 9 ' ' nls , bl 97,3 I !3 97,300 r : egllnnlng anmu pnya e ._$ W! I ._ $37,!!!) ' $167,000 IApnl purchases 199,500J: 199.50%! 399,000 5: .313E $133 1 Way purchases | 234.500./| amaxj 257,950 $31,909 , $170116\" $315,, 1 gJune purchases I I 143,50M 143,500 W' 5160.190 mama 1 leel cash disbulsernenlS .5 290,900 |$ 494,000 |$ 190,950 is 097,750 1 1_ 'i 1 . . [_!___ l | l 1 I 1 1 1 f . l l |'l 9. Prepare a cash budget for April, May, and June as well as in halal for he quarter (Caeh deciency. repayment: Ind Interest should in indicated by. minus sign.) ' n 29 \\ C Gimme File Edi'l View History Bookmarks Peaple Winduw Help 95%;, E95 LIJ '5) $ 'g' I10) Tbfl WedS:51 PM FamAlShnmmIrl Q 55 v _ . 'c 1 in Sheet G) eztumheduceiiomoommmtpx 3. Prepare a cash budget for April, May, and June as well as in tolai for [he quarhel', ((2th deciency, repayment and inure-t should be indicated by a minul llgn.] 3M!\" MW\"! THE-HIE A3. Answer is complete but not entirely correct c D E F L: $465,000 $207,000 ! 1 l : l m... l my me animu- 7 $31,300 1 $135,500 $395,000 l[ Beginning new balance 45,500X:s _ 45,000J \""5\"" $51,125\": $3; = lAdd eallaeliena 1mm eusiumers 200,400'Ji 560,300.; 1,498,200X WV \"5\"\" \"'5'\". 0 'Toual cash avallable 343,900 601,400 670,200 1,543,200 1 !' 1 Less (ash disbursements: 1: Pu releases fur invenibry 290,800.}i 434,000.) 108.9503', 007,1rsiox1 w m a r i 5 ll' 73,000Ji 03,000,] 54,000.! 220,000J $40-$00 5mm 515-90\" V e "'9 \"names ' i l $566,800 $600,000 $1,409,200 1 Adminisir-ilve expenses 40,000x, 403w 1333M 99,0DOXl $901,400 $670,200 $1,534,200 1[ Land purchases 0,]; 31,000,] M: 31,0004; $114,000 51mm $591,750 * Dividends paid 23,000,]i 0.] 041 23,000.; :33 3:3 5573523 0 Tomi cash disbursemenls 432,000 590,200 239,?50 1,2?0,?50 $31,020 :0 331.000 I , n 0 21,000 Exms (deciency) of Gash available over disbursements (38,900) 3,200 430,450 272,450 $593,250 $119,759 51,270,750 1 ' F' . ' $3,200 $430,450 $253,050 l manning: l ' 0 - l ' 0 l $37,000 $167,000 Borrowmgs 100,000xi 87,000X 167,000X $0 $15,\" $15,,\" 1 Repayment WI 0.] (110.000)!1 (107,000)xl 0 ' .saaen 0am l[ mm: mm mx nmxl em) 00: 00-0: 000:: i 'Tmel nanm'ng 200,000 74,000 (337,100) (3,100) l I .i l IEndil-ig cash balance 0 171,100 3 r7200 13-3ng 3 230,290 l' ' 'i I: l i l l | l l l . [ l l'l 4 ' Gnome File Edit View History Bookmarks People Window Help 65:73; g LI-l G $ "5-\" I10} 50503) Wed4:0lJPM FewezAlnmmorl Q I 0 I [m Ot-laptartght xKuwmwwmmx\\u ( C l G) ezto.mheduoation.oomlhm.tpx j} l G 3 Apps @ University Search l... D Onltne Registration e In Defense of Food... '0' J2 10-13 W Golf... '3 Message Mlnder W... a MOTEGI RACING... Q In Defense of Food... I] Grad students bull... Garden Sales, Inc., sells garden supplies. Management ls planning its cash needsfar the second quarter. The company usually has to borrow money during this quarter to support peak sal at lawn care equipment, which occur during May. The Following information has been assembled to assist in preparing a (ash budget for the quarter: a. Budgeted monthly absorption costing income statements for ApriHuly are: hpl'l May June July Sales $ 530,000 $ 730,000 $ 430,000 $ 330,000 Cost of goods sold 371,000 511,000 301,000 231,000 Gross margin 159,000 219,000 129,000 99,000 Selllng and administrative expenses: Setllng expense 13,090 93,090 54pm 33,000 Administrative expense\" 41,500 55,200 33,800 31,000 Total selling and admln'strative expenses 114,500 140,200 37,300 64,000 Net operatlng income 5 44,500 E 70,000 3 41,200 5 35,000 t 'lncluda $15,000 of depreciation each month. b.8ales are 20% lor cash and 80% on account. 0. Sala on account are collected over a threemonth period with 10% mllected in the month ofsale: 50% collected in the flrst month following the month of sale; and the remaining 10% collected in the semnd month following the month of sale. February's sales totaled $155,000, and March's sales totaled $215,000. d.lnventory purchases are paid lor within 15 days. 'l'herefore. 50% ct a month's lnventory purmeses are paid for in the month of purchase. The remalning 50% is pald in the following month. Accounts payable at March 31 For inventory purchases during March total 507,300, e.Each month's ending inventory must equal 20% 01 the 0061 of the merchandise to be sold in the following month. The merchand'sa inventory at March 31 is $74,200. t. Dividends of $23,000 will be declared and paid in April. g.Land ousting $31,000 will be purchased for cash in May. h.The (ash balance at March 31 is 545,000; the company must maintain a (ash balance ofatleast $40,000 at the end of each month. l. The company has an agreement with a Eocal bank that allows the company to borrow in increments of $1,000 at the beginning oi each month, up to a tote! loan balance of $200,000. The interest rate on these loans is 1% per month and for simpliclty we will assume that intemst is not compounded. The company would, as far as it is able, repay the loan plus amumulated interest at the end of the quarter. ' Gimme File Edi'l View History Bookmarks Peaple Winduw Help . G) eztu.mheduce1ion.oomlhm .tpx Required: 1. Prepare a schedule of expeded cash oollecllons for April, May, and June. and forlhe quarier in latal. Answer is complete and correct Cash sales 5 1M,Wl 5 146.0Wl 5 86,000.] 5 333.000 Salw on amount: I I February 12,400'1I 12,400 March 1375mi 17290.] 154,300 April 42,400J 339290| 42.4w 424,000 May 53.4004 467.200.]' 525.500 June | 34,490\"! 34,400 Total cash mllech'ona S 293.400 5 560,800 i5 630.000 5 1,489,200 2. Prepare the following for merchandim invenmry: a. A rnerchandlse purchases budget for April. May, and June. Answer is complete and correct Budgeted ml oi goods sold $ 371,wl$ 511,0W $ 301,0DOJ .Md: Desired ending merchandise inventory J 102.2004 602W 482W Tmal needs 473,200 571,200 347,200 Lesa: Beginn'ng rnentuendise 'Iwerm J 74.2w 102,20M 6020M i Required invenlury purchases 5 399.000 l5 469.000 .5 287.000 I; '3) at 4a It) mam: w:n1 PM FawazAISIrmm-rl q 55 ' Ohmrne File Edi'l View History Bookmarks People Window Help 9513', 51".\" LI-l {9 $ 'g' I1)l)B4%CI Wed4:01 PM FawezAlSh-mmlrl Q 55 i? .. .. . . G) ezto.rnheduce1ion.oomlhm.tpx ' a b. A schedule o'lexpec'led cash disbursements for merchandise purchases for April, May. and June, and for the quarter in tmal Answer is complete but not entirely correct Beginning acmums payable $ 97.3w 5 97.300 April purchases 1999M 199.50w 399,000 May purchases zumw' 23.450)( 257.950 June pumhalcs \"ij 143,500 Total ush disbursements S 296.300 5 434,000 5 166.950 5 897,750 3. Prepare a cash budget for April, May, and June as well as in total for he quarter ((2th deciency. repayment: and interest should be indicated by I minus llgn.] Answer is complete but not entirely correct Beginning cash balanw _ Add calleidions from (manners 293,4l'iw sanguw, w 1,493,200i Tutal cash available 343,900 601,400 6?0,200 1,543,200 Less (ash disbursements: Purdiases fur inventory 296,800.; 434,000.) 168.960X' 137,7sz Selling expenses 735W 933W SLOW 220.00%; Administrative expenses mm mm; 13am.) semi Land purd'iases 0,] 31,000,) 0.] 31,000.) . , . ' Ollmrne File Edi'l View History Bookmarks Paapla Winduw Help 9513', 5.9% LI-l {9 $ 'g' 1)))B4%Cl Wad4:01 PM FewezAlSl'lammIrl Q 55 . i G) ezt0.mhaducalion.oomlhm.tpx 7.: i ' a 3. Prepare a cash budget fur April, May, and June as well as in halal Fur Iha quarlen (Ca-h deficiency, replymanu and interest should in indicated by a minus sign.) Answer is complete but not entirely correct I Beginning cash balann 45.000J' iMd collaclions from euslorners - 1,493,2005E Total rash available 343.900 601,400 670,200 1,543,200 13$ cash disbursements: Purchases lnr inventory 200.000,]I 431.000,] 100,950x' amm Selling expanses 73.0W' 93,0004 54.0w 220.000J' Adminimll've expanses I MMXI IDIW- 13.800" W Lend purelraraea 0,45 31,000,) 7 0,; 31.000\"!l Dividends paid 23,000.; 0.) ' o.) 23,000.}l Tonal cash dimureemenle 7 432,300 500,200 230,750 1,270,750 Ens-cs (deciency) of cash available over dnburcemenl (88,900) 3,200 430,450 2?2,450 Financing: I Borrowings 130.0mx' 37me mm Repayment w! 0.1 (187mm (167,000))? Interest ' 130000!' 37,0003: (1 mnemx' (3.16mi Tolal linanu'ng 260,000 H.000 (337,160) (3,160) Ending cash balance 5 171.100 5 77,200 ls 93,290 5 269,290