The first three images include all needed info, i got an email saying it is incompelete. But that is all thats given to us.

75% Required: Prepare a comprehensive 6 month budget, including supporting schedules, for the period January 1, 2018 to June 30, 2018 for Henron, Inc. (a fictional company) The budgets must be prepared on Excel using the templates I have prepared. Part of this project is demonstrating proper use of Excel. You may only input a "hard number" into a pink cell. All yellow cells must be formulas (use appropriate cell referencing). recommend constructing the formulas for one month and then copying the formulas over to the remaining months. Beware of exceptions to this rule and let me know if you don't know how to do specific formulas, copy/paste,"sticky references, etc. Be careful with the 's mos total columns Sometimes, they are a sum of the 6 months, but sometimes not (for instance, beginning inventory, or total cash available). Remember not to include Nov and Dec of 2017 in the totals. The budget templates and this instruction sheet are located on the comprehensive problems page in Blackboard. Make sure you save the file to excel and then open the file through Excel (not your web browser). Check figures are also located under "Comprehensive Problem 12" in Blackboard, INFORMATION FOR HENRON, INC. BUDGET PROJECT 1. Heron, Inc. is a company that re-sells one product, a lawn chair. A contractor makes the product exclusively for Heron, so Heron has no manufacturing costs Henron sells each chair for $10 per unit, but plans to raise the sales price to $11.00 per unit beginning May 1, 2018 2. The estimated sales (in units) are as follows: Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jul 18 12.000 13,000 9,000 10 000 13,000 15,000 18,000 18.000 17 000 Jun 18 3. They expect that 60% of any month's sales are for cash, and the remaining 40% are on credit of the credit sales, they expect to collect 20% in the month of the sale, 70% in the following month, and 10% in the month after that. 4. The firm's policy regarding inventory is to stock (le have in ending inventory) 30% of the estimated sales for the next month pe here to search 4. The firm's policy regarding inventory is to stock (t.e. have in ending inventory) 30% of the estimated sales for the next month 5. Each lawn chair costs Henron $6. They plan to pay for 30% of the inventory purchases in the month of purchase, and pay the remaining 70% the following month (.eall of the previous month's Accounts Payable are paid off by the end of any month.) Page 1 of 2 6. Monthly operating expenses consist of the following (any cash expenses are paid as incurred): Salaries and Wages Expense $17,000 Sales Commissions 7% of sales revenue Rent Expense $6,000 Supplies Expense $2,000 Other Overhead Expense $5,000 Depreciation Expense $2,500 7. Henron must maintain a minimum cash balance of $30,000. Borrowing can make up shortfalls For simplicity, assume that the bank will only lend (and accept repayments) in $1,000 increments. Ignore interest on the loan in your calculations, but only borrow what you need, and pay off any loans as soon as possible. 8. Cash on hand as of December 31, 2017 is expected to be $15,000. In addition, there will be no notes payable (loan balance) as of this date o earch 6. Monthly operating expenses consist of the following (any cash expenses are paid as incurred) Salaries and Wages Expense Sales Commissions Rent Expense Supplies Expense Other Overhead Expense Depreciation Expense $17,000 7% of sales revenue $6,000 $2,000 $5,000 $2,500 7. Henron must maintain a minimum cash balance of $30,000. Borrowing can make up shortfalls. For simplicity, assume that the bank will only lend (and accept repayments) in $1,000 increments Ignore interest on the loan in your calculations, but only borrow what you need, and pay off any loans as soon as possible 8. Cash on hand as of December 31, 2017 is expected to be $15,000. In addition, there will be no notes payable (loan balance) as of this date 9. See below the other Balance Sheet accounts with their balances as of the beginning of the year Buildings and Equipment $1,050,000 Accumulated Deprecation $ 520,000 Note: You must add current year depreciation expense to Common Stock $ 200,000 accumulated depreciation Retained Earnings $ 370,660 10. Henron maintains office supplies of $2,000 at the end of each month. 11. Accounts receivable consists of the credit sales that have not been received Accounts payable consists of inventory purchases that have not yet been paid. 14 Type here to search E o G Apr 2018 May 2018 Jun 2018 6 mos total A4 for Sales Budget A B c D E F 4 Sales Budget 5 For the 6 mos ending June 30, 2018 6 7 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 8 Budged unit sales 9 Selling price per und 10 Total Sales Revenue 11 12 Cash Sales % 60% 13 Credit Sales % 40% 14 15 Cash Sales 16 Credit Sales 17 Total Sales Revenue 18 19 20 Current month AR Collections 20% 21 1 month prior A/R Collections 70% 22 2 months prior A/R Collections 10% 23 24 Henron, Inc. 25 Cash Collections 26 For the 6 mos ending June 30, 2018 27 28 Jan 2018 Feb 2018 Mar 2018 29 Current month cash sales 30 Collections of credit sales made this month 31 Collections of credit sales made last month 32 Collections of credit sales made 2 months ago 33 Total cash collections 34 35 Desired ending inventory% 30% of next month unit Sales 36 37 Henron, Inc. Purchase Budget 38 For the 6 mos ending June 30, 2018 39 Budget Ready Apr 2018 May 2018 Jun 2018 6 mos total o RI 2 Type here to search Conditional Format Formatting as Table - St Styles 6 mos total 70% Paste Format Painter U- A. Merge & Center $ - % 9 Clipboard Font Alignment Number A4 f Sales Budget A B C D 36 37 Henron, Inc. 38 Purchase Budget 39 For the 6 mos ending June 30, 2018 40 41 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 42 Budged unt sales 43 Add desired ending Inventory Total needs 45 Less Beginning Inventory 46 Required Purchases 47 48 Cost per un 6005 6.00 5 6.00 $ 6.00 $ 6.00 5 6.00 5 6.00 49 Total purchases cost 50 51 % Paid in Month of Purchase 30% 52 % Paid in Month after Purchase 53 54 Heron, Inc. 55 Schedule of Budgeted Cash Disbursements for Merchandise Purchases 56 For the 6 mos ending June 30, 2018 57 58 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 59 Payment for current month purchases 60 Payment for prior month purchases 61 Cash disbursements for merch purchases 62 63 64 Fbced Operating expenses Variable Operating Expenses 65 Salaries and Wages Expenses 17 000 Sales Commissions, % of sales revenue 7% 66 Rent Expense 6,000 67 Supplies Expense 2.000 68 Other Overhead Expenses 5,000 89 Depreciation Expense 2.500 70 71 Heron, Inc. D Budget Ready Type here to search o I 6 mos total 14 14 Wrap Text General Merge & Center % 9 . Conditional Formatting . Number Apr 2018 May 2018 Jun 2018 mos total Anal A A La Copy Paste Format Painter IU- 3.A. E Clipboard Font Alignment A4 fo Sales Budget A B D 70 71 Heron, Inc. 72 Operating Expense Budget 73 For the 6 mos ending June 30, 2018 74 75 Jan 2018 Feb 2018 Mar 2018 76 Salaries and Wages Expense 77 Sales Commissions 78 Rent Expense 79 Supplies Expense 80 Other Overhead Expenses 81 Depreciation Expense 82 Total operating expenses 83 Subtract non-cash expenses 84 Depreciation 85 Cash disbursements for operating expenses 86 87 Heron, Inc. 88 Cash Budget 89 For the 6 mos ending June 30, 2018 90 Jan 2018 91 Feb 2018 Mar 2018 s 92 Cash balance, beginning 15,000 93 Add colections from customers 94 Total cash available 95 Less disbursements: 96 Cash disbursements for merch purchases 97 Cash disbursements for operating expenses 98 Total cash disbursements 99 Cash balance before financing 100 Financing 101 Borrowing (repayments) - note payable 102 Cash balance, ending 103 104 Heron, Inc. 105 tan H) Budget Apr 2018 May 2018 Jun 2018 6 mos total 10 G Apr 2018 May 2018 Jun 2018 6mos total A4 f Sales Budget A B c D E 104 105 Heron, Inc. 106 Budgeted Income Statement 107 For the 6 mos ending June 30, 2018 108 109 Jan 2018 Feb 2018 Mar 2018 110 Sales, net 111 Cost of Goods Soki 112 Gross margin 113 Total operating expenses 114 Net Income 115 116 Heron, Inc. 117 Budgeted Statement of Retained Earnings 118 For the 6 mos ending June 30, 2018 119 120 Retained Earnings, beginning $ 370,660 121 Add Net Income 122 Retained Earnings, ending 123 124 Heron, Inc. 125 Budgeted Balance Sheet 126 As of June 30, 2018 127 128 Assets 129 Current Assets 130 Cash 131 Accounts Receivable 132 Office Supplies 2,000 133 Merchandise Inventory 134 Total Current Assets 135 Plant and Equipment: 136 Buildings and Equipment 1,050,000 137 Accumulated Depreciation 520,000 138 Total Plant and Equipment 139 Total assets Budget Ready Type here to search 0 G Apr 2018 May 2018 Jun 2018 6mos total A4 f Sales Budget A B c D E 104 105 Heron, Inc. 106 Budgeted Income Statement 107 For the 6 mos ending June 30, 2018 108 109 Jan 2018 Feb 2018 Mar 2018 110 Sales, net 111 Cost of Goods Soki 112 Gross margin 113 Total operating expenses 114 Net Income 115 116 Heron, Inc. 117 Budgeted Statement of Retained Earnings 118 For the 6 mos ending June 30, 2018 119 120 Retained Earnings, beginning $ 370,660 121 Add Net Income 122 Retained Earnings, ending 123 124 Heron, Inc. 125 Budgeted Balance Sheet 126 As of June 30, 2018 127 128 Assets 129 Current Assets 130 Cash 131 Accounts Receivable 132 Office Supplies 2,000 133 Merchandise Inventory 134 Total Current Assets 135 Plant and Equipment: 136 Buildings and Equipment 1,050,000 137 Accumulated Depreciation 520,000 138 Total Plant and Equipment 139 Total assets Budget Ready Type here to search 0 Clipboard Font Alignment A150 fo D E G H A B c 115 116 Heron, Inc. 117 Budgeted Statement of Retained Earnings 118 For the 6 mos ending June 30, 2018 119 120 Retained Eamings, beginning $ 370,660 121 Add Net Income 122 Retained Earnings, ending 123 124 Heron, Inc. 125 Budgeted Balance Sheet 126 As of June 30, 2018 127 128 Assets 129 Current Assets 130 Cash 131 Accounts Receivable 132 Office Supplies 2,000 133 Merchandise Inventory Total Current Assets 135 Piant and Equipment 138 Buildings and Equipment 1,050,000 137 Accumulated Depreciation (520,000) 138 Total Plant and Equipment 139 Total assets 140 141 Liabilities 142 Accounts Payable 143 144 Equity 145 Common Stock 200.000 146 Retained Earnings 147 Total Equity 148 Total liabilities and equity 149 190 KI Budget Ready 134 a