Silver Company makes a product that is very popular as a Mother's Day gilt. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: 8 April Hay June Total poms Budgeted sales (all on account) $320,000 $520,000 $100,000 $1,020,000 From past experience. the company has learned that 30% ofa month's sales are collected in the month of sale. another 65% are collected in the month following sale. and the remaining 5% are collected in the second month following salet Bad debts are negligible and can be ignored February sales totaled $250,000, and March sales totaled $280000 Required: 3 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quartet 2. What is the accounts receivable balance on June 30th? U Prim Complete thll quenlun by entarlng your unmet: In the \"In below. References Required 1 Required 2 Prepare a schedule of expected rash collections from sales, by month and In total, for the second quarter. February sales March sales April sales May sales June sales Total Dash collections Next > % Prev 1 of 5 Check my work Down Under Products, Ltd., of Australla has budgeted sales of Its popular boomerang for the next four months as follows: Unit Sales 9 Ap ril 64. 000 . Hay 30,000 PM\" June 104,000 July 87,000 The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- a k e no month inventory levels must equal 15% of the following month's unit sales The inventory at the end of March was 9,600 units. 9 Requlred: Him Prepare a production budget by month and in total. for the second quarter ii! We; Budsemnmes ____ Mal needs ____ Required production in units ( Prev 2 of 5 Next ) Check my work 3 Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 9 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 410, 000 $ 290 , 000 $ 310, 000 points Total cash receipts $ 260, 000 Total cash disbursements $ 316, 000 $ 286, 000 $ 276, 000 $ 296, 000 The company's beginning cash balance for the upcoming fiscal year will be $36,000. The company requires a minimum cash balance Book of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Hint Required: Prepare the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Print Garden Depot Cash Budget References 1st Quarter 2nd Quarter 3rd 4th Year Quarter Quarter Beginning cash balance Total cash receipts Total cash available Total cash disbursements (deficiency) of cash available over disbursements Financing Borrowings Repayments Interes Total financing Ending cash balance Mc Graw 4 palms eaaok Him '1! Print Relerenoes Gig Harbor Boating is the wholesale distributor ofa small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 540 Selling price per unit 3 Cost per unit 5 Variable selling and administrative expense (per unit) 3 85 Fixed selling and administrative expense (per year) 3 Interest expense for the year s Required: Prepare the company's budgeted income statement for the year ( Prev Aof5 Next > Check my work Check my work 5 Required information [The following information applies to the questions displayed below.] 15 Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the points calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet eBook June 30 Assets Cash $ 76,000 Print Accounts receivable 137,000 Inventory 86, 100 Plant and equipment, net of n depreciation 230, 000 Reference Total assets $529, 100 Liabilities and Stockholders' Equity Accounts payable $ 91, 000 Common stock 312, 000 Retained earnings 126, 100 Total liabilities and stockholders' equity $529, 100 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administ are always $58,000. Each month $8,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Required: . Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month July August September Quarter From July sales From August sales From September sales Total cash collections