The Taylor Toy company manufacturers toy building blocks sets for children. Taylor is planning for 2025 by developing a master budget by quarters. Taylor's balance sheet for December 31, 2024, follows:

please please, i need help with the schedules of cash reciepts, Cash payment and cash budget.

thank you!

Data table \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{\begin{tabular}{l} Balance Sheet \\ December 31,2024 \end{tabular}} \\ \hline \multicolumn{5}{|l|}{ Assets } \\ \hline \multicolumn{5}{|l|}{ Current Assets: } \\ \hline Cash & $ & 35,000 & & \\ \hline Accounts Receivable & & 50,000 & & \\ \hline Raw Materials Inventory & & 1,400 & & \\ \hline Finished Goods Inventory & & 11,900 & & \\ \hline Total Current Assets & & & $ & 98,300 \\ \hline \multicolumn{5}{|l|}{ Property, Plant, and Equipment: } \\ \hline Equipment & & 194,000 & & \\ \hline Less: Accumulated Depreciation & & (32,000) & & 162,000 \\ \hline Total Assets & & & $ & 260,300 \\ \hline \multicolumn{5}{|l|}{ Liabilities } \\ \hline \multicolumn{5}{|l|}{ Current Liabilities: } \\ \hline Accounts Payable & & & $ & 12,000 \\ \hline \multicolumn{5}{|c|}{ Stockholders' Equity } \\ \hline Common Stock, no par & $ & 100,000 & & \\ \hline Retained Earnings & & 148,300 & & \\ \hline Total Stockholders' Equity & & & & 248,300 \\ \hline Total I iahilities and Storkhnlders' Fouitv & & & $ & 260,300 \\ \hline \end{tabular} Print Done (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 1,000 sets for the first quarter and expected to increase by 150 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account. Sets are budgeted to sell for $70 per set. b. Finished Goods Inventory on December 31, 2024, consists of 350 sets at $34 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,600 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 1,400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2025 , is 1,400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.40 hours of direct labor; direct labor costs average 14 per hour. g. Variable manufacturing overhead is $5.60 per set. h. Fixed manufacturing overhead includes $6,500 per quarter in depreciation and $5,572 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $4,800 per quarter for rent; $900 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 3% of sales. k. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. 1. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; Accounts Receivable balance on December 31,2024, is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,600 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 1,400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025, is 1,400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.40 hours of direct labor; direct labor costs average 14 per hour. g. Variable manufacturing overhead is $5.60 per set. h. Fixed manufacturing overhead includes $6,500 per quarter in depreciation and $5,572 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $4,800 per quarter for rent; $900 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 3% of sales. k. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; Accounts Receivable balance on December 31,2024 , is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred. p. Taylor desires to maintain a minimum cash balance of $20,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. 1. Prepare Taylor's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. (Round all calculations to the nearest dollar.) 2. Prepare Taylor's annual financial budget for 2025 , including budgeted income statement and budgeted balance sheet. 3. Taylor sold 5,000 sets in 2025 , and its actual operating income was as follows: Requirements Prepare a flexible budget performance report through operating income for 2025. Show product costs separately from selling and administrative costs. To simplify the calculations due to sets in beginning inventory having a different cost than those produced and sold in 2025 , assume the following product costs: 4. What was the effect on Taylor's operating income of selling 100 sets more than the static budget level of sales? 5. What is Taylor's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Taylor's managers than the static budget performance report. What insights can Taylor's managers draw from this performance report? Requirements 7. During 2025, Taylor recorded the following cost data below. Compute the cost and efficiency variances for direct materials and direct labor. 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 9. Prepare the standard cost income statement for 2025. 10. Calculate Taylor's ROI for 2025. To calculate average total assets, use the December 31, 2024, balance sheet for the beginning balance and the budgeted balance sheet for December 31, 2025, for the ending balance. Round all of your answers to four decimal places. 11. Calculate Taylor's profit margin ratio for 2025 . Interpret your results. 12. Calculate Taylor's asset turnover ratio for 2025 . Interpret your results. 13. Use the expanded ROI formula to confirm your results from Requirement 10. Interpret your results. 14. Taylor's management has specified a 20% target rate of return. Calculate Taylor's RI for 2025 . Interpret your results. Requirement 1. Prepare Taylor's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, ovethead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. (Round all calculations to the nearest dollar.) Begin by preparing the sales budget. Prepare the production budget. Review the sales budget you prepared above. Prepare the direct materials budget. Review the production budget you prepared above. Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX, and round all other amounts to the nearest whole number.) Beview the production budget you prepared above. Beview the production budget you precared above. Reviow the direct labor budoet vou crenared abowe. Prepare the selling and administrative expense budget. Revew the sales budget you prepared above. Cash Rereinte from Cavetamers