This Question: 10 pts This Test: 200 Data Table Penny Saver Store is a local discount store with the following information: Click the icon to view the information) Requirements Credit Tuta Raque Prepare the following budget for November and December 1. Sales but 2. Cost of goods sold invertory, and purchases budget 1 Operating expense budget 4 Budpoled income Matement 5. Cash collections budget & Cash payments budget 7. Contined cash but October sales are projected to be $300,000 Sales are projected to increase by 10% in November and another 25% in December and then return to the October level in January 20% of sales are made in cash while the remaining 80% are paid by credit or debit cards. The credit card companies and banks (debit card surs) charge a 1% transaction fee and deposit the net amount sales priceless the transaction in the store's bank account daily The store does not accept checis. Because of the payment mechanisms, there is no risk of non payment or bad debts. . The store's oris 40% of the sales revenue . For the next several months, the store wants to maintain an ending merchandise inventory equal to $20,000 plus 10% of the next month's cost of goods sold. All purchases for merchandises are made on count and paid in the month following the purchase. The September 30 very is expected to be $43.400 Expected monthly operating expenses and details about payments include the following Wages of store worters should be 57.100 per month and are paid on the last day of each month Ultes perse is expected to be 5800 per month in September October, and November Us Expenses espected to be $1,300 per month during the colder months of December, January, and February Als we paid the mother arred Property tax is $25.200 per year and is paid semarnually each December and Jure Property and by insurance is $15,000 per year and is paidemannslyach January and Depreciation per 156.000 per year, the method used Transactions are we of credit and debit cards Cash dividends of $230,000 we to be paid in December Awumechon dober 311 316,000. The company wants to maintain a chance of at least 15.000 end of every month The company anged a line of credit with a blank at a state. There is no sarding debt as of October 31 Print Done Plus Total vertory red Leging inventory 300515 45740 388550 52175 253635 D0375 Requirements. Prepare the operating expense budget for November and Print Done Enter any number in the di felds and continue to the next question Penny Saver Store is a local discount store with the following information: Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Penny Saver Store Sales Budget For the Months of November and December November December Cash sales 107250 85800 343200 Credit sales 429000 Total sales 429000 536250 Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Penny Saver Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold 257400 321750 Die eerstanding in 52175 66800 Enter any number in the edit fields and then continue to the next question. Save for Later Penny Saver Store is a local discount store with the following information: Click the icon to view the information.) Read the requirements. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December Penny Saver Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold 257400 321750 Plus: Desired ending inventory 52175 66800 Total Inventory required 309575 388550 457401 Less: Beginning inventory 52175 Purchases 263835 336375 Requirement 3. Prepare the operating expense budget for November and December Penny Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Enter any number in the edit fields and then continue to the next question. Penny Saver Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 3. Prepare the operating expense budget for November and December Penny Saver Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expense 7800 7800 Utilities expense 800 1300 Property tax expense 2100 2100 Property and liability insuranse expense 1300 1300 Depreciation expense 13000 13000 Credit/Debit card fees expense 3432 4290 28432 Total operating expenses 29790 Requirement 4. Prepare the budgeted income statement for November and December Review the budgets prepared in Requirements 1, 2, and 3 Penny Saver Store Penny Saver Store is a local discount store with the following information: Click the icon to view the information.) Read the requirements. Requirement 4. Prepare the budgeted income statement for November and December, Review the budgets prepared in Requirements 1, 2, and 3. Penny Saver Store Budgeted Income Statement For the Months of November and December November December Sales revenue 429000 536250 Less: Cost of goods sold 257400 321750 Gross profit 171600 214500 Less: Operating expenses 28432 29790 Net income 143168 184710 Requirement 5. Prepare the cash collections budget for November and December Review the sales budget prepared in Requirement 1. Penny Saver Cash Collections Budget Enter any number in the edit fields and then continue to the next question. Penny Saver Store is a local discount store with the following information: (Click the icon to view the information.) Read the resuirements Requirement 5. Prepare the cash collections budget for November and December Review the sales budget prepared in Requirement 1. Penny Saver Cash Collections Budget For the Months of November and December November December Cash sales 85800 107250 Credit sales, net of fees 339768 424710 Total cash collections 425668 531960 Requirement 6. Prepare the cash payments budget for November and December. (if no cash payment is made, make sure to enter "O in the appropriate cell.) Review the budgets prepared in Requirements 1, 2 and 3. Penny Saver Cash Payments for Operating Expenses Budget For the Months of November and December November December Enter any number in the edit fields and then continue to the next question, Sauerlatar Penny Saver Store is a local discount store with the following information: (Click the loon to view the information) Read the requirements Requirement 6. Prepare the cash payments budget for November and December (if no cash payment is made, make sure to enter in the appropriate cell) Review the budgets prepared in Requirements 1, 2 and 3 Penny Saver Cash Payments for Operating Expenses Budget For the Months of November and December November December Purchases of inventory 30 day lng Cash payments for wages Cash payment for utilities Cash payments for property taxes Cash payments for dividende Property and liability insurance Total payments for operating expenses Requirement 7. Prepare the combined cash budget for November and December (niera o for any rere amounts Use parentheses or min formative cash balances and facing) Review the cash collections and cash payments budgets prepared in Rosurements and Enter any number in the edit fields and then continue to the next question Penny Saver Store is a local discount store with the following information: (Click the loon to view the information.) Read the requirements REQUIP COM CAR FOR NOT V W Z O. pure or more no mong pumu. Review the cash collections and cash payments budgets prepared in Requirements 5 and 6. Penny Saver Combined Cash Budget For the Months of November and December November December Beginning cash balance Plus Cash collections Total cash available Loss Cash payments Ending cash balance before financing Financing Plus: New borrowing Les Debt repayments Less Interest payments Ending cash balance Enter any number in the edit fields and then continue to the next