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You have just been hired as a new management trainee by Sarah Jessica Parker Unlimited a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the Information assembled below. The company sells many styles of earrings, but all are sold for the same price-$16 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow in pairs of earrings): January (actual) February (actual) March (actual) April (budget) May (budget) 23,400 June (budget) 29,408 July (budget) 43,400 August (budget) 68,400 September (budget) 103,480 53,400 33,400 31,400 28,480 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month Suppliers ore paid $5.70 for a pol of earrings. One-half of a month's purchases is paid for in the month of purchase the other half is pold for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below: Variable: Sales Comissions Fixedt Advertising Rent Salaries utilities Insurance Depreciation 4 of sales $370,000 $ 35,000 $ 140,00 $ 15,500 $4,700 $31.000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $24,500 in new equipment during May and $57,000 in new equipment during June: both purchases will be for cash. The company declares dividends of $27,750 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below: The company's balance sheet as of March 31 is given below: $ 91,000 Assets Cash Accounts receivable (547,040 February sales; $555,520 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholders' equity 602,560 155,952 29,500 1,120,000 $1,999,012 $ 117,000 27,750 1, 140,000 714,262 $ 1,999,012 The company maintains a minimum cash balance of $67,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000). While still retaining at least $67,000 in cash. Prepare a master budget for the three-month period ending June 30 that includes a cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $67,000. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Earrings Unlimited Cash Budget For the Three Months Ending Juno 30 April May June Quarter Beginning cash balance ES 91.000 $ 67,134 $ 109,828 $ 91,000 Add collections from contomers 752,000 1.166,400 1,438,400 3.356.800 Total cash available 843,000 1,233,534 1,548,228 3,447,800 Less cash disbursements Merchandise purchases 351,840 472,530 367,080 1,191,450 Advertising 370,000 370.000 370,000 1.110,000 Rent 35,000 35,000 35,000 105,000 Salaries 140,000 140,000 140,000 420,000 Commissions 43,776 66,176 34,176 144, 128 Utilities 15,500 15,600 15,500 46,500 Equipment purchases 0 24,500 57,000 81,500 Dividends paid 27,750 0 0 27.750 Total cash disbursements 983,866 1,123.706 1,018.756 3.126,328 Excess (deficiency) of cash available over disbursements (140,866) 109,828 529.472 321,472 Financing Borrowings 200,000 0 0 208,000 Repayments 0 0 (208,000) (208,000) Interest 0 0 (6.240) (6.240) Total financing 208,000 0 (214,210) (6.240) Ending cash balance $ 67.134 $ 109,828 5 315.232 S 315,232 Reg 1A Reg 1B Req ic Req 10 Reg 2 Leg 3 Reg 4 Prepare a master budget for the three-month period ending June 30 that includes a budgeted income statement for the three-month period ending June 30. Use the contribution approach. Earrings Unlimited Budgeted Income Statement For the Three Months Ended June 30 Sales $ 3.603.2001 Variable expenses Cost of goods sold 1.283,640 Commissions 144,128 0 0 1.427.768 Contribution margin 2.475.432 Fixed expenses Advertising 1.110,000 Rent 105.000 Salaries 420,000 Utilities 46.500 Insurance 14,100 Depreciation 90.000 Interest expense 6.240 0 1.794,840 Net operating income 380,592 0 Net income 380,592 Prepare a master budget for the three-month period ending June 30 that includes a budgeted balance sheet as of June 30. Earrings Unlimited Budgeted Balance Sheet June 30 Assets Cash 315.232 Accounts receivable 848,960 Inventory 76,152 Prepaid insuranon 15,400 Property and equipment, net 1,108,500 0 0 Total assets $ 2,364,244 Liabilities and Stockholders' Equity Accounts payable $ 129,390 Dividends payable 27,750 Common stock 1,140,000 TRetained earnings 1,067,104 0 0 Total liabilities and stockholders' equity $ 2,354,244