This is a budget for a company that is due tomorrow at 5pm est usa. i need a formulas for the excel sheet and a detailed explanation of how to complete this task. just the answers are not enough, i want to learn how you came up with the information.

many thanks, - O.

Note to tutor: budget. due by 1100pm, est usa need to create a budget using the excel template, formulas must be created in the excel sheet along with detailed information on how the information was obtained. copy/pasta will not be enough as i actually want to learn how this is done. the more detail the better. information for the excel sheet can be found in the word document. thank you- A. Capri is a retail company that sells specialized gardening products. The company is considering opening a new store on October 1, Year1. As budget coordinator, you have been asked to prepare a master budget for the first 3 months of the company's operation. You have gathered the following information: October sales are estimated to be $280000 of which 60 percent will be cash and the remainder will be on credit. The company expects all sales to increase at the rate of 25 percent per month for November and December. Sales in January Year 2 are expected to be $250000. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a sales budget and a schedule of cash receipts using these facts and your excel template. Check your answers here before moving to the next part, by completing the cells requested in the chart below. a. Sales Budget October November December Total-Qtr October November December Total-Qtr Cash sales Sales on account Total budgeted sales b. Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections The cost of goods sold is 80 percent of sales. The company desires to maintain a minimum ending inventory equal to 30 percent of the next month's cost of goods sold. (Ending inventory for December is based on budgeted January Year2 sales.) Assume that all inventory purchases are made on account (on credit). The company pays 20 percent of accounts payable in the month of purchase and the remaining amount in the following month. In excel, prepare an inventory purchases budget and a cash payments budget for inventory purchases. Use the check figures below before you continue. c. Inventory Purchases Budget October November December Total-Qtr Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) d. Cash payments for inventory October November December Total-Qtr Payment of current month's A/P Payment for prior month's A/P Total budgeted payments Budgeted selling and administrative expenses per month follow. Salary expense (fixed): $ 21500 Sales commissions: 3 percent of Sales Supplies expense: 1 percent of Sales Utilities (fixed): $2300 Depreciation on store equipment (fixed)*: You compute Rent (fixed) $ 8000 Miscellaneous (fixed): $ 1250 *The capital expenditures budget indicates that the company will spend $450000 on October 1 for store fixtures, which are expected to have a $48000 residual value and a 48 month useful life. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. In excel, prepare the selling and administrative expenses budget and the cash payments budget for selling and administrative expenses. Check the key figures below. e. Selling and Admin.Expense Budget Salary expense Sales commissions Supplies expense October November December Total-Qtr Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses f. Cash payments for S&A Salary expense October November December Total-Qtr Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses Capri issued stock for 300000 on October 5. A dividend of $40000 was paid on December 15. The company borrows and repays funds in increments of $1,000 on the last day of the month. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $10000 cash cushion. Prepare a cash budget on your excel template. Check key figure below. g. Cash Budget Beginning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay Financing activity October November December Total-Qtr Borrowing (repayment) Ending cash balance Input your name in the cell to the left Input the name of your company from OWL See complete instructions in Moodle (University courses) or Blackboard (CPE courses). The data for this problem is in OWL, under Budget Project as question 1. --The data varies by student. You must use YOUR assigned data or you get a zero for the project. Use formulas as much as possible. They save time and help you learn the relationships. Titles are provided to save you typing-- but you need to know how to structure these on your own for exams. Please do not add or delete rows or columns. You can copy the entire spreadsheet to another file if you want to use a different setup. Howeve, use this template to turn the worksheet in. All of the answers should be whole numbers. (There should not be any pennies in your answers.) Key figures you will check in OWL (Budget Project, Question 1) are in red below. Maximum point off for each budget are in column A. Answers are not evenly weighted. -- cells are not weighted evenly for grading -- cells that indicate an understanding of the logic may be weighted more than other cells in grading Pts. a. Sales Budget 6 Cash sales Sales on account Total budgeted sales b. Schedule of Cash Receipts 8 Current cash sales Plus collections from A/R Total collections c. Inventory Purchases Budget 10 Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) October November December Total-Qtr October November December Total-Qtr October November December (Hint- these do not all just get adde Total-Qtr check math vertically too d. Schedule of Cash Payments Budget for Inventory Purchases 6 October Payment of current month's A/P Payment for prior month's A/P Total budgeted payments e. November December Total-Qtr November December Total-Qtr Selling and Administrative Expense Budget 6 October Salary expense Sales commissions expense Supplies expense Utilities Expense Depreciation expense on store fixtures Rent expense Miscellaneous expense Total S&A expenses f. Schedule of Cash Payments for S&A Expenses (Some balances may be zero.) 8 October November Salaries Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses g. Cash Budget 16 Beginning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay Financing activity Borrowing (repayment) Ending cash balance November December Total-Qtr (Hint- these do not all just get adde Total-Qtr check math vertically too 60 h. October December BUDGETS H and I below must be completed in OWL, question 2 for grading. You can do them below, if it helps you. They will not be graded as part of the excel part of the project. Pro Forma Income Statement For the Quarter Ended December 31, Year1 Sales revenue Cost of goods sold Gross margin S&A expenses Operating income Interest expense Net income i. Pro Forma Balance Sheet For the Quarter Ended December 31, Year1 Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity you want to use nt- these do not all just get added across!) nt- these do not all just get added across!) Input your name in the cell to the left Input the name of your company from OWL See complete instructions in Moodle (University courses) or Blackboard (CPE courses). The data for this problem is in OWL, under Budget Project as question 1. --The data varies by student. You must use YOUR assigned data or you get a zero for the project. Use formulas as much as possible. They save time and help you learn the relationships. Titles are provided to save you typing-- but you need to know how to structure these on your own for exams. Please do not add or delete rows or columns. You can copy the entire spreadsheet to another file if you want to use a different setup. Howeve, use this template to turn the worksheet in. All of the answers should be whole numbers. (There should not be any pennies in your answers.) Key figures you will check in OWL (Budget Project, Question 1) are in red below. Maximum point off for each budget are in column A. Answers are not evenly weighted. -- cells are not weighted evenly for grading -- cells that indicate an understanding of the logic may be weighted more than other cells in grading Pts. a. Sales Budget 6 Cash sales Sales on account Total budgeted sales b. October 168,000 112,000 280,000 November 210,000 140,000 350,000 December 262,500 175,000 437,500 Total-Qtr 640,500 427,000 1,067,500 October 168,000 168,000 November 210,000 112,000 322,000 December 262,500 140,000 402,500 Total-Qtr 640,500 252,000 892,500 October 224,000 84,000 308,000 308,000 November 280,000 105,000 385,000 84,000 301,000 December 350,000 131,250 481,250 105,000 376,250 Schedule of Cash Payments Budget for Inventory Purchases 6 October Payment of current month's A/P 61,600 Payment for prior month's A/P Total budgeted payments 61,600 November 60,200 246,400 306,600 December 75,250 240,800 316,050 Total-Qtr 197,050 487,200 684,250 November 21,500 December ### Total-Qtr 64,500 Schedule of Cash Receipts 8 Current cash sales Plus collections from A/R Total collections c. Inventory Purchases Budget 10 Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) d. e. (Hint- these do not all just get adde Total-Qtr 854,000 131,250 985,250 985,250 check math vertically too Selling and Administrative Expense Budget 6 Salary expense October 21,500 Sales commissions expense Supplies expense Utilities Expense Depreciation expense on store fixtures Rent expense Miscellaneous expense Total S&A expenses f. 10,500 3,500 2,300 8,375 8,000 1,250 55,425 13,125 4,375 ### 8,375 ### ### 58,925 32,025 10,675 6,900 25,125 24,000 3,750 166,975 Schedule of Cash Payments for S&A Expenses (Some balances may be zero.) 8 October November Salaries 21,500 21,500 Sales commissions 8,400 Supplies expense 2,800 3,500 Utilities 2,300 Depreciation on store fixtures Rent 8,000 8,000 Miscellaneous 1,250 1,250 Total payments for S&A expenses 33,550 44,950 December 21,500 10,500 4,375 2,300 ### ### 47,925 Total-Qtr 64,500 18,900 10,675 4,600 24,000 3,750 126,425 g. Cash Budget 16 Beginning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay Financing activity Borrowing (repayment) Ending cash balance 8,400 2,800 2,300 8,375 8,000 1,250 52,625 November 10,850 322,000 332,850 December 10,420 ### 402,500 412,920 61,600 33,550 450,000 545,150 (77,150) 306,600 44,950 880 352,430 (19,580) 316,050 47,925 ### 40,000 1,180 405,155 7,765 684,250 126,425 450,000 40,000 2,060 1,302,735 (110,235) 88,000 10,850 30,000 10,420 3,000 10,765 121,000 10,765 check math vertically too 60 h. (Hint- these do not all just get adde Total-Qtr 300,000 892,500 1,192,500 October 300,000 168,000 468,000 BUDGETS H and I below must be completed in OWL, question 2 for grading. You can do them below, if it helps you. They will not be graded as part of the excel part of the project. Pro Forma Income Statement For the Quarter Ended December 31, Year1 Sales revenue Cost of goods sold Gross margin S&A expenses Operating income Interest expense Net income 1,067,500 -854000 213,500 -166975 46,525 -2060 44,465 i. Pro Forma Balance Sheet For the Quarter Ended December 31, Year1 Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 10,765 175,000 131,250 450,000 (25,125) 741,890 301,000 2,300 13,125 121,000 437,425 300,000 4,465 304,465 741,890 you want to use nt- these do not all just get added across!) nt- these do not all just get added across!) \fInput your name in the cell to the left Input the name of your company from OWL See complete instructions in Moodle (University courses) or Blackboard (CPE courses). The data for this problem is in OWL, under Budget Project as question 1. --The data varies by student. You must use YOUR assigned data or you get a zero for the project. Use formulas as much as possible. They save time and help you learn the relationships. Titles are provided to save you typing-- but you need to know how to structure these on your own for exams. Please do not add or delete rows or columns. You can copy the entire spreadsheet to another file if you want to use a different setup. Howeve, use this template to turn the worksheet in. All of the answers should be whole numbers. (There should not be any pennies in your answers.) Key figures you will check in OWL (Budget Project, Question 1) are in red below. Maximum point off for each budget are in column A. Answers are not evenly weighted. -- cells are not weighted evenly for grading -- cells that indicate an understanding of the logic may be weighted more than other cells in grading Pts. a. Sales Budget 6 Cash sales Sales on account Total budgeted sales b. October 168,000 112,000 280,000 November 210,000 140,000 350,000 December 262,500 175,000 437,500 Total-Qtr 640,500 427,000 1,067,500 October 168,000 168,000 November 210,000 112,000 322,000 December 262,500 140,000 402,500 Total-Qtr 640,500 252,000 892,500 October 224,000 84,000 308,000 308,000 November 280,000 105,000 385,000 84,000 301,000 December 350,000 60,000 410,000 105,000 305,000 Schedule of Cash Payments Budget for Inventory Purchases 6 October Payment of current month's A/P 61,600 Payment for prior month's A/P Total budgeted payments 61,600 November 60,200 246,400 306,600 December 61,000 240,800 301,800 Total-Qtr 182,800 487,200 670,000 November 21,500 December ### Total-Qtr 64,500 Schedule of Cash Receipts 8 Current cash sales Plus collections from A/R Total collections c. Inventory Purchases Budget 10 Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) d. e. (Hint- these do not all just get adde Total-Qtr 854,000 60,000 914,000 914,000 check math vertically too Selling and Administrative Expense Budget 6 Salary expense October 21,500 Sales commissions expense Supplies expense Utilities Expense Depreciation expense on store fixtures Rent expense Miscellaneous expense Total S&A expenses f. 10,500 3,500 2,300 8,375 8,000 1,250 55,425 13,125 4,375 ### 8,375 ### ### 58,925 32,025 10,675 6,900 25,125 24,000 3,750 166,975 Schedule of Cash Payments for S&A Expenses (Some balances may be zero.) 8 October November Salaries 21,500 21,500 Sales commissions 8,400 Supplies expense 2,800 3,500 Utilities 2,300 Depreciation on store fixtures Rent 8,000 8,000 Miscellaneous 1,250 1,250 Total payments for S&A expenses 33,550 44,950 December 21,500 10,500 4,375 2,300 ### ### 47,925 Total-Qtr 64,500 18,900 10,675 4,600 24,000 3,750 126,425 g. Cash Budget 16 Beginning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay Financing activity Borrowing (repayment) Ending cash balance 8,400 2,800 2,300 8,375 8,000 1,250 52,625 November 10,850 322,000 332,850 December 10,420 ### 402,500 412,920 61,600 33,550 450,000 545,150 (77,150) 306,600 44,950 880 352,430 (19,580) 301,800 47,925 ### 40,000 1,180 390,905 22,015 670,000 126,425 450,000 40,000 2,060 1,288,485 (95,985) 88,000 10,850 30,000 10,420 3,000 25,015 121,000 25,015 check math vertically too 60 h. (Hint- these do not all just get adde Total-Qtr 300,000 892,500 1,192,500 October 300,000 168,000 468,000 BUDGETS H and I below must be completed in OWL, question 2 for grading. You can do them below, if it helps you. They will not be graded as part of the excel part of the project. Pro Forma Income Statement For the Quarter Ended December 31, Year1 Sales revenue Cost of goods sold Gross margin S&A expenses Operating income Interest expense Net income 1,067,500 -854000 213,500 -166975 46,525 -2060 44,465 i. Pro Forma Balance Sheet For the Quarter Ended December 31, Year1 Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 25,015 175,000 60,000 450,000 (25,125) 684,890 244,000 2,300 13,125 121,000 380,425 300,000 4,465 304,465 684,890 you want to use nt- these do not all just get added across!) nt- these do not all just get added across!) \fInput your name in the cell to the left Input the name of your company from OWL See complete instructions in Moodle (University courses) or Blackboard (CPE courses). The data for this problem is in OWL, under Budget Project as question 1. --The data varies by student. You must use YOUR assigned data or you get a zero for the project. Use formulas as much as possible. They save time and help you learn the relationships. Titles are provided to save you typing-- but you need to know how to structure these on your own for exams. Please do not add or delete rows or columns. You can copy the entire spreadsheet to another file if you want to use a different setup. Howeve, use this template to turn the worksheet in. All of the answers should be whole numbers. (There should not be any pennies in your answers.) Key figures you will check in OWL (Budget Project, Question 1) are in red below. Maximum point off for each budget are in column A. Answers are not evenly weighted. -- cells are not weighted evenly for grading -- cells that indicate an understanding of the logic may be weighted more than other cells in grading Pts. a. Sales Budget 6 Cash sales Sales on account Total budgeted sales b. October 168,000 112,000 280,000 November 210,000 140,000 350,000 December 262,500 175,000 437,500 Total-Qtr 640,500 427,000 1,067,500 October 168,000 168,000 November 210,000 112,000 322,000 December 262,500 140,000 402,500 Total-Qtr 640,500 252,000 892,500 October 224,000 84,000 308,000 308,000 November 280,000 105,000 385,000 84,000 301,000 December 350,000 60,000 410,000 105,000 305,000 Schedule of Cash Payments Budget for Inventory Purchases 6 October Payment of current month's A/P 61,600 Payment for prior month's A/P Total budgeted payments 61,600 November 60,200 246,400 306,600 December 61,000 240,800 301,800 Total-Qtr 182,800 487,200 670,000 November 21,500 December ### Total-Qtr 64,500 Schedule of Cash Receipts 8 Current cash sales Plus collections from A/R Total collections c. Inventory Purchases Budget 10 Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) d. e. (Hint- these do not all just get adde Total-Qtr 854,000 60,000 914,000 914,000 check math vertically too Selling and Administrative Expense Budget 6 Salary expense October 21,500 Sales commissions expense Supplies expense Utilities Expense Depreciation expense on store fixtures Rent expense Miscellaneous expense Total S&A expenses f. 10,500 3,500 2,300 8,375 8,000 1,250 55,425 13,125 4,375 ### 8,375 ### ### 58,925 32,025 10,675 6,900 25,125 24,000 3,750 166,975 Schedule of Cash Payments for S&A Expenses (Some balances may be zero.) 8 October November Salaries 21,500 21,500 Sales commissions 8,400 Supplies expense 2,800 3,500 Utilities 2,300 Depreciation on store fixtures Rent 8,000 8,000 Miscellaneous 1,250 1,250 Total payments for S&A expenses 33,550 44,950 December 21,500 10,500 4,375 2,300 ### ### 47,925 Total-Qtr 64,500 18,900 10,675 4,600 24,000 3,750 126,425 g. Cash Budget 16 Beginning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay Financing activity Borrowing (repayment) Ending cash balance 8,400 2,800 2,300 8,375 8,000 1,250 52,625 November 10,850 322,000 332,850 December 10,420 ### 402,500 412,920 61,600 33,550 450,000 545,150 (77,150) 306,600 44,950 880 352,430 (19,580) 301,800 47,925 ### 40,000 1,180 390,905 22,015 670,000 126,425 450,000 40,000 2,060 1,288,485 (95,985) 88,000 10,850 30,000 10,420 (12,000) 10,015 106,000 10,015 check math vertically too 60 h. (Hint- these do not all just get adde Total-Qtr 300,000 892,500 1,192,500 October 300,000 168,000 468,000 BUDGETS H and I below must be completed in OWL, question 2 for grading. You can do them below, if it helps you. They will not be graded as part of the excel part of the project. Pro Forma Income Statement For the Quarter Ended December 31, Year1 Sales revenue Cost of goods sold Gross margin S&A expenses Operating income Interest expense Net income 1,067,500 -854000 213,500 -166975 46,525 -2060 44,465 i. Pro Forma Balance Sheet For the Quarter Ended December 31, Year1 Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 10,015 175,000 60,000 450,000 (25,125) 669,890 244,000 2,300 13,125 106,000 365,425 300,000 4,465 304,465 669,890 you want to use nt- these do not all just get added across!) nt- these do not all just get added across!)