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Specific instructions: Study the required resources of the module and particularly the illustrative exercise ib.1 to carry out this exercise. Please read carefully the financial

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Specific instructions: Study the required resources of the module and particularly the illustrative exercise ib.1 to carry out this exercise. Please read carefully the financial and operational data of the JKL Corporation offered below and use It to prepare the budget for - Sales receipts for the quarter (10 points) - Purchases for the quarter (10 points) Diabursements in purchases for the quarter (10 points) . Disbursements of administrative and sales expenses for the quarter (10 points) - Cach budget (25 points) Financial and operational data of JKL Corporation JKL. Corporation is engaged in trading business and is designing its master budget for the next quarter of operationa from April to June 20xx. The data collected and necessary to work with such a budget are the following: A. Certain data from the Balance Sheet as of March 91, 20 me (Dr. Cr.) Cash \$20,000 Dr. accounts receivable $64,000 Dr. Inventory 515,400 Dr. Buidings and equipment (net of depreciation) $225,0000Dr. Accounts payable $23,400Cr. long-term debt $90,000Cr. Common Stock- Capital 5150,000Cr. Retained earnings $61,000Cr. Totals $324,400$324,400Cr. B. The expected (projected) and real sales for several months of 20x are; March (real) $80,000 april $65,000 May $70,000 June $75,000 July $50,000 C. Other important information: 1- Monthly sales are 20% in cash and B0\% on credit. Credit sales from the previous month are collected in full in the following month (thus, what is in accounts receivable at the end of March is 80% of March sales). 2- The gross profit margin generated by the corporation on its sales is 30%. 3- The ending inventory of each month is equal to 25% of the budgeted cost of sales for the next month. 4- 40% of the monthly merchandise purchases are paid in the month of purchase and the remainder in the month following the purchase. 5- The expected monthly expenses are; salaries, $8,000; advertising, $4,000 per mionth and remaining expenses (except depreciation) represent 7% of sales. Assume these expenses are paid every month inothing is owed at the end of the month). 6- The depreciation expense is $10,000 for the quarter and includes the portion that corresponds to the assets acquired during the period. 7- Equipment was purchased in cash: $20,000 in April and $5,000 in May of 20x. 8- Management wants to maintain a minimum cash balance at the end of each month of $8,000. 9. When the company needs money, it can borrow from a local bank in increments of $1,000 at the beginning of each month up to a loan limit of $20,000. The interest rate that the bank charges on these loans is 1% per month and the interest is paid next month (we assume that it is not compound interest and that each loan is made at the end of the month). The company paid dividends of $2,500 in June. Instructions: Specific instructions: Study the required resources of the module and particularly the illustrative exercise ib.1 to carry out this exercise. Please read carefully the financial and operational data of the JKL Corporation offered below and use It to prepare the budget for - Sales receipts for the quarter (10 points) - Purchases for the quarter (10 points) Diabursements in purchases for the quarter (10 points) . Disbursements of administrative and sales expenses for the quarter (10 points) - Cach budget (25 points) Financial and operational data of JKL Corporation JKL. Corporation is engaged in trading business and is designing its master budget for the next quarter of operationa from April to June 20xx. The data collected and necessary to work with such a budget are the following: A. Certain data from the Balance Sheet as of March 91, 20 me (Dr. Cr.) Cash \$20,000 Dr. accounts receivable $64,000 Dr. Inventory 515,400 Dr. Buidings and equipment (net of depreciation) $225,0000Dr. Accounts payable $23,400Cr. long-term debt $90,000Cr. Common Stock- Capital 5150,000Cr. Retained earnings $61,000Cr. Totals $324,400$324,400Cr. B. The expected (projected) and real sales for several months of 20x are; March (real) $80,000 april $65,000 May $70,000 June $75,000 July $50,000 C. Other important information: 1- Monthly sales are 20% in cash and B0\% on credit. Credit sales from the previous month are collected in full in the following month (thus, what is in accounts receivable at the end of March is 80% of March sales). 2- The gross profit margin generated by the corporation on its sales is 30%. 3- The ending inventory of each month is equal to 25% of the budgeted cost of sales for the next month. 4- 40% of the monthly merchandise purchases are paid in the month of purchase and the remainder in the month following the purchase. 5- The expected monthly expenses are; salaries, $8,000; advertising, $4,000 per mionth and remaining expenses (except depreciation) represent 7% of sales. Assume these expenses are paid every month inothing is owed at the end of the month). 6- The depreciation expense is $10,000 for the quarter and includes the portion that corresponds to the assets acquired during the period. 7- Equipment was purchased in cash: $20,000 in April and $5,000 in May of 20x. 8- Management wants to maintain a minimum cash balance at the end of each month of $8,000. 9. When the company needs money, it can borrow from a local bank in increments of $1,000 at the beginning of each month up to a loan limit of $20,000. The interest rate that the bank charges on these loans is 1% per month and the interest is paid next month (we assume that it is not compound interest and that each loan is made at the end of the month). The company paid dividends of $2,500 in June. Instructions

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