Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single model, the Pipex. In late 2017, Skulas's management accountant gathered the following data to prepare budgets for January 2018:

Requirement:

1.	Prepare a cash budget for January 2018 Show supporting schedules for the calculation of collection of receivables and payments of accountspayable, and for disbursements for fixed manufacturing and nonmanufacturing overhead.
2.	Skulas is interested in maintaining a minimum cash balance of $120,000 at the end of each month. Will Skulas be in a position to pay the $160,000 dividend on January 31?
4.	Prepare a budgeted balance sheet for January 31,2018 by calculating the January 31,2018 balances in (a) cash (b) accounts receivable (c) inventory(d) accounts payable and (e) plugging in the balance for stockholders' equity.

Data Table Budgeted balances at January 31, 2018 are as follows: Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity S 1,175,600 182,000 Selected budgeted information for December 2017 follows Cash balance, December 31, 2017 Budgeted sales Budgeted materials purchases 124,000 1,650,000 820,000 Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects 40% of invoices will be collected in the month invoiced and 60% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 50% of direct materials purchases paid during the month of the purchase, and 50% paid in the month following purchase Fixed manufacturing overhead costs include $64,000 of depreciation costs and fixed nonmanufacturing overhead costs include $10,000 of depreciation costs Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2018. On December 15, 2017, Skulas's board of directors voted to pay a $160,000 dividend to stockholders on January 31, 2018 PrintDone Data Table Budgeted balances at January 31, 2018 are as follows: Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity S 1,175,600 182,000 Selected budgeted information for December 2017 follows Cash balance, December 31, 2017 Budgeted sales Budgeted materials purchases 124,000 1,650,000 820,000 Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects 40% of invoices will be collected in the month invoiced and 60% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 50% of direct materials purchases paid during the month of the purchase, and 50% paid in the month following purchase Fixed manufacturing overhead costs include $64,000 of depreciation costs and fixed nonmanufacturing overhead costs include $10,000 of depreciation costs Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly. All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2018. On December 15, 2017, Skulas's board of directors voted to pay a $160,000 dividend to stockholders on January 31, 2018 PrintDone