This is from a mcgrawhill connect homework.

Referen ces Janus Products, Inc. is a merchandising company that sells binders, paper, and other school supplies. The company is planning its cash needs for the third quarter. In the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials, which occur during August. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for July to October are as follows: July August September October Sales $55,000 $05,000 $65,000 $60,000 Cost of goods sold 30,000 43,000 36,000 33,000 Gross margin 25,000 37,000 29,000 27,000 Selling and administrative expenses: Selling expense 11,100 14,700 10,000 3,800 Administrative expense\"! 6,400 8,700 7,600 7,400 Total selling and administrative expenses 18,100 23,400 17,600 15,200 Net operating income 5 6,900 $13,600 $11,400 $10,800 *lncludes $2,750 depreciation each month. b. Sales are 20% for cash and 80% on credit. c. Credit sales are collected over a three-month period, with 10% collected in the month ofsale, 70% in the month following sale, and 20% in the second month following sale. May sales totalled $45,000' and June sales totalled $51,000. d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month. Accounts payable for inventory purchases at June 30 total $19,200. e. The company maintains its ending inventory levels at 75% of the cost of the merchandise to be sold in the following month. The merchandise inventory at June 30 is $25,500. f. Land costing $5,250 will be purchased in July. g. Dividends of $1,750 will be declared and paid in September. h. The cash balance on June 30 is $9,500; the company must maintain a cash balance of at least this amount at the end of each month. i. The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $40,000. The interest rate on these loans is 1% per month, and for simplicity. we will assume that interest is not compounded. The company would, as far as it is able. repay the loan plus accumulated interest at the end of the quarter. Required: 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. Cash sales Credit sales: D '1: June July August September Total cash collections ---- 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for July, August, and September. 10 JANUS PRODUCTS, INC. points Merchandise Purchases Budget July August September eBook Total needs Print References b. A schedule of expected cash disbursements for merchandise purchases for July, August, and September and for the quarter in total. JANUS PRODUCTS, INC. Schedule of Expected Cash Disbursements July August September Quarter Accounts payable, June 30 July purchases August purchases September purchases Total cash disbursements $ O $ o $ o $D. A Schedule Of expected casn disbursements for merchandise purchases for July, August, and September and for the quarter in total. JANUS PRODUCTS, INC. Schedule of Expected Cash Disbursements 10 July August September Quarter points Accounts payable, June 30 July purchases August purchases eBook September purchases Total cash disbursements $ 0 $ o $ 0 $ Print References 3. Prepare a cash budget for July, August, and September and for the quarter in total. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) JANUS PRODUCTS, INC. Cash Budget For the Quarter Ended September 30 July August September Quarter Total cash available 0 0 0 Deduct: Disbursements: Total disbursements 0 Excess (deficiency) of cash available over disbursements Financing: Total financing10 points Slapped Referen ces Daisy Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia. Three cubic centimetres (cc) of solvent 080 are required to manufacture each unit of Fineclay, one of the company's products. The company is now planning raw materials needs for the third quarter, the quarter in which peak sales of Fineclay occur. To keep production and sales moving smoothly, the company has the following inventory requirements: a. The nished goods inventory on hand at the end of each month must be equal to 3,300 units of Fineclay plus 15% of the next month's sales. The nished goods inventory on June 30 is budgeted to be 11,000 units. b. The raw materials inventory on hand at the end of each month must be equal to one-half of the following month's production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 59,400 cc of solvent 080. c. The company maintains no work-inprocess inventories. A sales budget for Fineclay for the last six months of the year follows: Budgeted Sales in Units July 33,500 August 44,000 September 55,000 October 33,000 November 22,000 December 1 1 , 000 ' Required: 1. Prepare a production budget for Fineclay for the months of July to October. 2 Budgeted Sales in Units July 38,500 August 44, 000 55 , 000 10 September October 33, 000 points November 22, 000 December 11, 000 Skipped Required: 1. Prepare a production budget for Fineclay for the months of July to October. Book DAISY PRODUCTS LIMITED Production Budget Print July August September October References Total needs 2. This part of the question is not part of your Connect assignment. 3. Prepare a budget showing the quantity of solvent Q80 to be purchased for July, August, and September, and for the quarter in total. DAISY PRODUCTS LIMITED Raw Materials Purchases Budget July August September Third Quarter Total solvent Q80 needs3 Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MIND!\" COMPANY 10 Balance Sheet points April 30 Assets _ Cash 5 13 , sou Skipped Account: receivable , customers 60 , 0 00 Inventory 33 , 6 DO Bui ldings and equipment , net of depreciation 23 l , 0 00 El Total assets $333140" eBIok Liabilities and Shareholders ' Equity Accounts payable, suppliers $ 70,200 Note payable 16 , 900 6 Capital shares, no par 204, 000 Print Retained earnings 47 , 300 Total liabilities and shareholders ' equity 3 33B . 400 IE References The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as follows: a. Sales are budgeted at $440,000 for May. Ofthese sales, $132,000 will be for cash; the remainder will be credit sales. Onehalf of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April 30 receivables will be collected in May. b. Purchases of inventory are expected to total $264,000 during May. These purchases will all be on account. 40% of all purchases are paid for in the month of purchase; the remainder are paid in the following month. All ofthe April 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $88,000. d. Operating expenses for May are budgeted at $153,400, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $4,400 for the month. e. The note payable on the April 30 balance sheet will be paid during May, with $60 in interest. (All of the interest relates to May.) f. New refrigerating equipment costing $3,900 will be purchased for cash during May. g. During May, the company will borrow $44,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. References Required: 1. Prepare a cash budget for May. (Any \"Repayments" and "Interest" should be indicated by a minus sign.) Total cash available I Deduct: Disbursements: _ Total cash disbursements I Excess of receipts over disbursements _ -1 _ 2. Prepare a budgeted income statement for May. -- -_ -_ Goods available for sale Cost of goods sold References Total cash available I Deduct: Disbursements: _ Total cash disbursements I Excess of receipts over disbursements - Total nancing I 2. Prepare a budgeted income statement for May. Cost of goods sold: Goods available for sale Cost of goods sold 3 2. Prepare a budgeted income statement for May. MINDEN COMPANY 10 Budgeted Income Statement points For the Month Ended May 31 Skipped Cost of goods sold: eBook Goods available for sale Cost of goods sold 0 Print References 3. Prepare a budgeted balance sheet as of May 31. MINDEN COMPANY Budgeted Balance Sheet as of May 31 Assets Total assets $ Liabilities and Shareholders' Equity Total liabilities and shareholders' equity $References Milo Company manufactures beach umbrellas. The company is now preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: a. The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 48,000 October 38,000 August 88,000 November 28,000 September 68,000 December 28,000 The selling price ofthe beach umbrellas is $12 per unit. Sales in June were 43,000 units. b. All sales are on account. 0n the basis of past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 5% uncollectible ' c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June. d. Each beach umbrella requires 4 metres of Gilden, a material that is sometimes hard to get. Therefore, the company requires that the inventory of Gilden on hand at the end of each month be equal to 50% ofthe following month's production needs. The inventory of Gilden on hand at the beginning and end ofthe quarter will be as follows: June 30 108,000 metres September 30 7 metres ' e. Gilden costs $0.80 per metre. One-half of a month's purchases of Gilden are paid for in the month of purchase; the remainder areI paid for in the following month. The accounts payable on July1 for purchases of Gilden during June will be $94,000. Required: 1. Prepare a sales budget, by month and in total, for the third quarter. Also, prepare a schedule of expected cash collections, by month and in total, for the third quarter. _ 4 10 MILO COMPANY points Schedule of Expected Cash Collections July August September Quarter Accounts receivable, June 30 eBook July sales August sales September sales Print Total cash collections $ 0 $ o $ o $ 0 References 2. Prepare a production budget for each of the months July to October. MILO COMPANY Production Budget for July-October July August September October Total needs4 12sinn-fine In1 12Anna Innanna L July August September October 10 Total needs points eBook Print n References 3. Prepare a materials purchases budget for Gilden, by month and in total, for the third quarter. Also, prepare a schedule of expected cash payments for Gilden, by month and in total, for the third quarter. MILO COMPANY Materials Budget Month July August September Quarter Total needs (metres) MILO COMPANY Schedule of Expected Cash Payments July August September Quarter Accounts payable, June 30 July purchases August purchases September purchases Total cash payments $ 0 $ o $ 0 $