View Policies Current Attempt in Progress Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. 113,000 101.000 113,000 Sales Unit sales for November 2019 Unit sales for December 2010 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 112.000 117.000 126.000 138.000 $12 Question 1 of 1 > - /20 ill Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are an account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale, Accounts receivable on December 31, 2019, totaled $181.800. Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory Raw Materials on December 31, 2019 totaled 11.290 pounds. Payment for materials is made within 15 days, 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019 totaled $102,735, Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of 59 per hour Manufacturing Overhead Indirect materials 300 per labor hour Indirect labor SOC perlabor hour vuesit - 20 E Utilities 50 per labor hour Maintenance 304 per labor hour Salaries $41,000 per month Depreciation $16,400 per month Property taxes $2,600 per month Insurance $1.200 per month Maintenance $1.300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50 Advertising $14.000 a month Insurance $1,400 a month Salaries $70.000 a month ways Continuing Problem Question 1 of 1 > - /20 Depreciation 52400 a month Other fixed costs 52.800 a month Other Information The Cash balance on December 31, 2019. totaled $101.000, but management has decided it would like to maintain a cash balance of at least $800.000 beginning on January 31, 2020. Dividends are paid each month at the rate of 2.70 per share for 5.240 shares outstanding. The company has an open line of credit with Romney's Bank The terms of the agreement requires borrowing to be in $1.000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $490.000 equipment porchase is planned for February For the first quarter of 2020, prepare a sales budget WATERWAYS CORPORATION Sales Budget Question 1 of 1 > - /20 ili *** For the first quarter of 2020, prepare a sales budget WATERWAYS CORPORATION Sales Budget First Quarter January February March $ $ WATERWAYS CORPORATION Sales Budget First Quarter January February March Quarter s $ $ $ $ $ $ * 331 PM 4/25./2002 For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget First Quarter January February 331 PM WATERWAYS CORPORATION Production Budget First Quarter January February March Quarter * 30 3:32.FM 4/25/2022 For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, s. 0.25 and all other answers to decimal places, s 2,520) WATERWAYS CORPORATION Direct Materials Budget First Quart January February so 3:32 PM 425/2002 - / 20 !!! : $ ! M January February March Quarter 5 S hours) gel Round one per unit to nearest hour, e 30 minutes will be rounded to 015 WATERWAYS CORPORATION Direct Labor Budget First Quarter January February Mar > > > 5 $ * 30 3:33 PM 4/25/2022 Direct Labor Budget First Quarter January February March Quarter $ $ 5 5 $ 3:34 PM 4/25/2022 For the first quarter to prepare a manufacturing overhead tridget Round overhead rate to 2 decimal places 5.25 and other one to decimal places 2.520 Ust Variable costs first) WATERWAYS CORPORATION Manufacturing Overhead Budget First Quarter January February $ a so 3:34 PM 4/25/2022 10 incan / 20 II! $ 5 $ 20 = $ SEE 435/2022 Question 1 of 1 -720 January February March Quarter 5 usa 421 Question 1 of 1 - /20 ill $ 5 $ $ 5 $ 5 336 For the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 decimal places Es 1.25 2 WATERWAYS CORPORATION Selling and Administrative Expense Budget First Quarter January February March $ 5 $ F try 3:37 PM 4/25/2022 Question 1 of 1 - 20 1 - C Question 1 of 1 - / 20 E January February March Quarter 5 $ $ 5 5 $ $ wysConting Probin Question 1 of 1 - / 20 1 5 $ $ For the first quarter of 2020 prepare a schedule for expected cash collections from customers Question 1 of 1 -720 III Formentera 2007 Torexpectations from eastomers Schedule of Expected Collections from Customers January February March Quarter $ $a M 4220 For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to dedmal places 2,5200 Schedule of Expected Cash Payments for Purchases February March January Quar Accounts payable 12/31/19 5 January February March Total payments $ 3.58 PM 422 places.2.520) Schedule of Expected Cash Payments for Purchases February March January Quarter $ $ sd 3:36 PM 4/21/2022 For the first quarter of 2020, prepare a cash buchet. (Round answers to decimal places, s. 2,520 WATERWAYS CORPORATION Cash Budget First Quarter January Febr $ $ 3:33 PM - 20 3 3 ME M Altempts unlimited Sili ? sa Question 1 of 1 - /20 First Quarter January February March Quarter 33 - 20 E D SA 202 Question 1 of 1 > - 20 E 3 | 5 Attempts unlimited M