Thrifty Dollar Store is a local discount store with the following information: Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2, and 3. Review the cash collections and cash payments budgets prepared in Requirements 5 and 6. Thrifty Dollar Store is a local discount store with the following information: Click the icon to view the information:) Requirement 1. Prepare the sales budget for November and December. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Thrifty Dollar Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of Nowember and December Requirement 3. Prepare the operating expense budget for November and December. tome Cash Collections Budget For the Months of November and December Requirement 6. Prepare the cash payments budget for November and December. (If no cash payment is made, make sure to enter " 0 " in the ap Review the budgets prepared in Requirements 1,2 , and 3. Requirement 7. Prepare the combined cash budget for November and December. (Enter a " 0 " for any zero amounts. Use parentheses or a minus s - The store's gross profit is 25% of its 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 merchandise are made on account and paid in the month following trTe purchase. The September 30 inventory is expected to be $45,500. - Expected monthly operating expenses and details about payments include the following: - Wages of store workers should be $7,900 per month and are paid on the last day of each month. : Utilities expense is expected to be $1,200 per month in September, October, and November. - Utilities expense is expected to be $1,600 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. - Property tax is $28,800 per year and is paid semiannually each December and June. - Property and liability insurance is $15,600 per year and is paid semiannually each January and July. - Depreciation expense is $96,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $240,000 are to be paid in December. - Assume the cash balance on October 31 is $25,000. The company wants to maintain a cash balance of at least $25,000 at the end of every month. - The company has arranged a line of credit with a local bank at a 5% interest rate. There is no outstanding debt as of October 31. Thrifty Dollar Store is a local discount store with the following information: Requirement 4. Prepare the budgeted income statement for November and December. Review the budgets prepared in Requirements 1,2, and 3. Review the cash collections and cash payments budgets prepared in Requirements 5 and 6. Thrifty Dollar Store is a local discount store with the following information: Click the icon to view the information:) Requirement 1. Prepare the sales budget for November and December. Requirement 2. Prepare the cost of goods sold, inventory, and purchases budget for November and December. Thrifty Dollar Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of Nowember and December Requirement 3. Prepare the operating expense budget for November and December. tome Cash Collections Budget For the Months of November and December Requirement 6. Prepare the cash payments budget for November and December. (If no cash payment is made, make sure to enter " 0 " in the ap Review the budgets prepared in Requirements 1,2 , and 3. Requirement 7. Prepare the combined cash budget for November and December. (Enter a " 0 " for any zero amounts. Use parentheses or a minus s - The store's gross profit is 25% of its 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 merchandise are made on account and paid in the month following trTe purchase. The September 30 inventory is expected to be $45,500. - Expected monthly operating expenses and details about payments include the following: - Wages of store workers should be $7,900 per month and are paid on the last day of each month. : Utilities expense is expected to be $1,200 per month in September, October, and November. - Utilities expense is expected to be $1,600 per month during the colder months of December, January, and February. - All utility bills are paid the month after incurred. - Property tax is $28,800 per year and is paid semiannually each December and June. - Property and liability insurance is $15,600 per year and is paid semiannually each January and July. - Depreciation expense is $96,000 per year; the straight-line method used. - Transaction fees, as stated earlier, are 5% of credit and debit card sales. - Cash dividends of $240,000 are to be paid in December. - Assume the cash balance on October 31 is $25,000. The company wants to maintain a cash balance of at least $25,000 at the end of every month. - The company has arranged a line of credit with a local bank at a 5% interest rate. There is no outstanding debt as of October 31