You will peepare a static master budget, budgeted financial statements and a fleable budget/variance analysis foe Karry No Ker, inc. which will sell karaoke machines. Assumptions: You plan to form Karry No Key on April 1 and eipect the following- 1. invest in exchange for stock 2. Purchase delivery truck with cash with so salvage value and expected useful life in years 3. Sales increase per month Collections in month of sale Colections of remainder in following month of sale 4. Desired ending inventery (w of nest month's expected sales) Payments in menth of purchase Payments of remainder in following month of purchase 5. Other operating expenses per month to be paid in month incurred \begin{tabular}{|rr|} \hline 5 & 100,000 \\ \hline 5 & 60,000 \\ \hline 10 \\ \hline 23 \\ \hline & 751 \\ \hline 25k \\ \hline & 20k \\ \hline 100 \\ \hline & 90s \\ \hline \end{tabular} Fequlrement 1. Complete the Sales Budpet and Cah Collectioes for April - June and the quarter in total using applicable assumptions above. Aeteulment 2: Complete the Rurchase Budget for April - June and the quarter in total usiar the applicable assumptions above. Reculrement 3: Whine the indormation from above, prepare Marry No key's quarterly budgeted firandal statements. Karry No Key, Inc. Budgeted Contribution Margin Income Statement For the Quarter Ended June 30, 20x1 Cell links/formulas: \$Totals n/a Per Unit n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Karry No Key, Inc. Budgeted Statement of Cash Flows For the Quarter Ended June 30, 20x1 Operating Activities: Cash Paid for Inventory n/a n/a Cash Paid for Other Operating Expenses n/a Total Cash from Operating Activities Investing Activity: Purchase of Equipment n/a n/a Financing Activity: Issue Stock n/a Net Change in Cash Beginning Cash Balance n/a Ending Cash Balance n/a n/a Karry No Key, Inc. Budgeted Balance Sheet At June 30, 20x1 Assets Liabilities \& Shareholders' Equity Cash Total Current Liabilities inventory Total Current Assets Equipment, Net Stock Total Assets Retained Earnings Total Libilities \& Shareholders' Equity You will peepare a static master budget, budgeted financial statements and a fleable budget/variance analysis foe Karry No Ker, inc. which will sell karaoke machines. Assumptions: You plan to form Karry No Key on April 1 and eipect the following- 1. invest in exchange for stock 2. Purchase delivery truck with cash with so salvage value and expected useful life in years 3. Sales increase per month Collections in month of sale Colections of remainder in following month of sale 4. Desired ending inventery (w of nest month's expected sales) Payments in menth of purchase Payments of remainder in following month of purchase 5. Other operating expenses per month to be paid in month incurred \begin{tabular}{|rr|} \hline 5 & 100,000 \\ \hline 5 & 60,000 \\ \hline 10 \\ \hline 23 \\ \hline & 751 \\ \hline 25k \\ \hline & 20k \\ \hline 100 \\ \hline & 90s \\ \hline \end{tabular} Fequlrement 1. Complete the Sales Budpet and Cah Collectioes for April - June and the quarter in total using applicable assumptions above. Aeteulment 2: Complete the Rurchase Budget for April - June and the quarter in total usiar the applicable assumptions above. Reculrement 3: Whine the indormation from above, prepare Marry No key's quarterly budgeted firandal statements. Karry No Key, Inc. Budgeted Contribution Margin Income Statement For the Quarter Ended June 30, 20x1 Cell links/formulas: \$Totals n/a Per Unit n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Karry No Key, Inc. Budgeted Statement of Cash Flows For the Quarter Ended June 30, 20x1 Operating Activities: Cash Paid for Inventory n/a n/a Cash Paid for Other Operating Expenses n/a Total Cash from Operating Activities Investing Activity: Purchase of Equipment n/a n/a Financing Activity: Issue Stock n/a Net Change in Cash Beginning Cash Balance n/a Ending Cash Balance n/a n/a Karry No Key, Inc. Budgeted Balance Sheet At June 30, 20x1 Assets Liabilities \& Shareholders' Equity Cash Total Current Liabilities inventory Total Current Assets Equipment, Net Stock Total Assets Retained Earnings Total Libilities \& Shareholders' Equity