You have just been hired as a new management trainee by Earrings Unimitited, a distributor of eamings to various retail outlets located in shopping melis across the country. In the post, the company has done very little in the way of budgeting and at certain timtes of the year has experienced a shortage of cash. Since you are well trained in budgeting. you have decided to prepare a master budget for. the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold tor the same price- $15 per pair. Actual sales of carrings for the last three months and budgeted sales for the next six months follow in pairs of earrings): The concentration of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40% of the earnings sold in the following month. Suppliers are paid 54.90 for a poir of earring1. One-hair of a monthis purchoses is paid for in the month of purchase, the other haif is paid for in the foliowing month, All sales ore on eredit. Only 20s of a month's sales are collected in the month of sale. An aditional. 70\% is collected in the following month, and the remaining 10s is collected in the second month following sale Bod debts have been negligible Monthly operating expenses for the company are given bolow: Insurance is paid on an annuai bevs, in November of each yoat Insurance is poid on an annual basis, in November of each yes. The company plans to purchase $20,500 in new equipment during May and $49,000 in new equipment during June: both purchases will be for cesh. The company declares dividends of $21.750 each quarter, poyable in the first month of the following quartec. The company's balance sheet as of March 31 is given below The company maintains a minimum cash batance of $59.000. All borrowing is done at the beginning of a montri any repoyments ace made at the end of a month. The company has an agrememen with a bonk that allows the company to bortow in increments or si.000 at the bepinging of each month. The interest rate oo these loons is 1% per month and for simplicify we will assume that interest is not compounded. At the end of the quarter, the compony would poy the bank all of the occumulated interest on the loan and as much of the ioan as possible (in. increments of 51,000 , while stit retaining at leest $59,000 in cesh. Aequired: Propare al master budget for the three-month period ending June 70 . inclute the following detalied schedules: 1. a. A sales budget, by montr and in totat b. A scheduio of expected cash collections, by month and in total c. A merchandioe purchases bodget in units and in dollars. 5 Sow the budget by month and in total Required: Prepare a master budget for the three-month period ending June 30 . Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $59,000 3. A budgeted income statement for the three-month period ending June 30 . Use the contribution approach. 4. A budgeted balance sheet as of June 30 . Complets this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a sales budget, by month and in total. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash coilections, by month and in total. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a merchandise purchases budget in units and in dollars. Show the budget by month and in total. (Round unit cost to 2 decimal places.) A budgeted balance sheet as of June 30 . Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash disbursements for merchandise purchases, by month and in total. and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $59,000. (Cash andintotalDetermineanyborrowingthatwouldbeneededtomaintaintheminimumcashbalanceof$59,000.(Cash month periad ending June 30. Use the contribution approach. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a budgeted balance steet as of June 30 . You have just been hired as a new management trainee by Earrings Unimitited, a distributor of eamings to various retail outlets located in shopping melis across the country. In the post, the company has done very little in the way of budgeting and at certain timtes of the year has experienced a shortage of cash. Since you are well trained in budgeting. you have decided to prepare a master budget for. the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold tor the same price- $15 per pair. Actual sales of carrings for the last three months and budgeted sales for the next six months follow in pairs of earrings): The concentration of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40% of the earnings sold in the following month. Suppliers are paid 54.90 for a poir of earring1. One-hair of a monthis purchoses is paid for in the month of purchase, the other haif is paid for in the foliowing month, All sales ore on eredit. Only 20s of a month's sales are collected in the month of sale. An aditional. 70\% is collected in the following month, and the remaining 10s is collected in the second month following sale Bod debts have been negligible Monthly operating expenses for the company are given bolow: Insurance is paid on an annuai bevs, in November of each yoat Insurance is poid on an annual basis, in November of each yes. The company plans to purchase $20,500 in new equipment during May and $49,000 in new equipment during June: both purchases will be for cesh. The company declares dividends of $21.750 each quarter, poyable in the first month of the following quartec. The company's balance sheet as of March 31 is given below The company maintains a minimum cash batance of $59.000. All borrowing is done at the beginning of a montri any repoyments ace made at the end of a month. The company has an agrememen with a bonk that allows the company to bortow in increments or si.000 at the bepinging of each month. The interest rate oo these loons is 1% per month and for simplicify we will assume that interest is not compounded. At the end of the quarter, the compony would poy the bank all of the occumulated interest on the loan and as much of the ioan as possible (in. increments of 51,000 , while stit retaining at leest $59,000 in cesh. Aequired: Propare al master budget for the three-month period ending June 70 . inclute the following detalied schedules: 1. a. A sales budget, by montr and in totat b. A scheduio of expected cash collections, by month and in total c. A merchandioe purchases bodget in units and in dollars. 5 Sow the budget by month and in total Required: Prepare a master budget for the three-month period ending June 30 . Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $59,000 3. A budgeted income statement for the three-month period ending June 30 . Use the contribution approach. 4. A budgeted balance sheet as of June 30 . Complets this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a sales budget, by month and in total. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash coilections, by month and in total. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a merchandise purchases budget in units and in dollars. Show the budget by month and in total. (Round unit cost to 2 decimal places.) A budgeted balance sheet as of June 30 . Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash disbursements for merchandise purchases, by month and in total. and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $59,000. (Cash andintotalDetermineanyborrowingthatwouldbeneededtomaintaintheminimumcashbalanceof$59,000.(Cash month periad ending June 30. Use the contribution approach. Complete this question by entering your answers in the tabs below. Prepare a master budget for the three-month period ending June 30 that includes a budgeted balance steet as of June 30