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Module 5 Homework Saved Help Save & Exit Submit Check my work 5 Hillyard Company, an office supplies specialty store. prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: 25 a. As of December 31 (the end of the prior quarter). the company's general ledger showed the following account balances: points Cash $ 55,080 Accounts receivable 212, 080 eBook Inventory Buildings and equipment (net) 365, 080 Accounts payable 89, 625 Common stock 50e, 980 Print Retained earnings 102, 375 $ 692, 080 $ 692, 080 References b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $ 265,080 January $ 400, 980 February $ 597, 080 March $ 312, 080 April $ 208, 980Module 5 Homework Saved Help Save & Exit Submit Check my work 5 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) 25 e. Monthly expenses are budgeted as follows: salaries and wages, $30,000 per month: advertising. $66,000 per month; shipping, 5% points $44,500 for the quarter. of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be f. Each month's ending inventory should equal 25%% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase: the other half is paid in the following month. eBook h. During February, the company will purchase a new copy machine for $2,500 cash. During March, other equipment will be purchased for cash at a cost of $77,500. i. During January. the company will declare and pay $45,000 in cash dividends. j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows Print 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. The company would, as far as it is able. repay the loan plus n accumulated interest at the end of the quarter. References Required: Using the data above. complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31. Complete this question by entering your answers in the tabs below.Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the Schedule of expected cash collections: Schedule of Expected Cash Collections January February March Quarter Cash sales 3 80,000 3 80,000 Credit sales 212,000 212,000 Total collections $ 282,000 S S $ 282,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the merchandise purchases budget: Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold $240,000* $ 358,200 Add desired ending inventory 80.550 Total needs 320,550 358,200 0 0 Less beginning inventory 80,000 Required purchases $ 260,550 $ 358,200 S 0 S *$400,000 sales * 60% cost ratio = $240,000. 15358,200 x 25% = $89.550. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the schedule of expected cash disbursements for merchandise purchases. Schedule of Expected Cash Disbursements for Merchandise Purchases January February March Quarter December purchases 3 80,625 3 80,625 January purchases 134,775 134,775 260,550 February purchases O March purchases O Total cash disbursements for purchases $ 224,400 $ 134,775 S 0 $ 359,175 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Hillyard Company Cash Budget January February March Quarter Beginning cash balance 55,000 Add collections from customers 282,000 Total cash available 347,000 0 Less cash disbursements: Inventory purchases 224,400 Selling and administrative expenses 128,000 Equipment purchases Cash dividends 45,000 Total cash disbursements 397,400 0 Excess (deficiency) of cash (50,400) 0 0 Financing: Borrowings Repayments Interest Total financing 0 0 Ending cash balance (50,400) S 0 S 0 0 Hillyard Company Income Statement For the Quarter Ended March 31 Cost of goods sold: 0 Selling and administrative expenses: Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Prepare a balance sheet as of March 31. Hillyard Company Balance Sheet March 31 Assets Current assets: Total current assets Total assets 0 Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total liabilities and stockholders' equity S