Wild Wood Companys management asks you to prepare its master budget using the following information. The budget is to cover the months of April, May, and June of 2019.

Wild Wood Company Balance sheet March 31, 2019
Assets		Liabilities and Equity
Cash	$ 50, 000	Accounts payable	$156, 000
Accounts receivable	175, 000	Short-term notes payable	12, 000
Inventory	126, 000	Total current liabilities	168, 000
Total current assets	351, 000	Long-term note payable	200, 000
Equipment, gross	480, 000	Total liabilities	368, 000
Accumulated depreciation	(90, 000)	Common stock	235, 000
Equipment, net	390, 000	Retained earnings	138, 000
Total assets	$741, 000	Total stockholders equity Total liabilities	373, 000 $741, 000

Additional information

a. Sales for March total 10, 000 units. Each months sales are expected to exceed the prior months results by 5%. The products selling price is $25 per unit

b. Company policy calls for a given months ending inventory to equal 80% of the next months expected unit sales. The March 31 inventory is 8, 400 units, which complies with the policy. The purchase price is $15 per unit.

c. Sales representatives commissions are 12.5% of sales and are paid in the month of sales. The sales managers monthly salary will be $3, 500 in April and $4, 000 per month thereafter.

d. Monthly general and administrative expenses include $8, 000 administrative salaries, $5, 000 depreciation, and 0.9% monthly interest on the long-term note payable.

e. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale). f. All merchandise purchases are on credit, and no payables arise from any other transactions, one months purchases are fully paid in the next month.

g. The minimum ending cash balance for all months is $50, 000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.

h. Dividends of $10, 000 are to be declared and paid in May.

Required: Prepare the following budgets for 2019

1. Sales budget (in dollars)

2. Purchase budget

3. Budgeted cost of goods sold

4. Budgeted inventory for June 30, 2019

5. Selling expense budget

6. General and administrative expense budget

7. Expected cash receipts from customers

8. Expected cash payments to suppliers

9. Cash budget

10. Budgeted income statement

11. Budgeted statement of retained earnings

12. Budgeted balance sheet