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Foodies Restaurant services quality, fresh, healthy flavor Asian food in high vibe atmosphere. The company's sales budget for the year 2022 is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Budgeted sales in units 5,000 Selling price per unit $60 Total Budgeted Sales $300,000 6,000 $60 $360,000 7,000 8,000 26,000 $60 $60 $60 $420,000 $480,000 $1,560,000 All sales are made in credit. Historically, 65% of cash collections are received in the quarter of the sale and the remaining 35% are collected in the quarter after the sale. The outstanding accounts receivable of $83,000 will be paid in the first quarter. Cost of goods sold is 45% of sales. Company policy is to maintain 25% of next quarter's sales units in ending merchandise inventory. First quarter's beginning merchandise inventory is 25% of 1st quarter sales units. The ending merchandise inventory for the 4th quarter is expected to be 1,250 units. Purchase cost per unit is calculated at sales price per unit x 60% cost of goods sold percentage. All purchases are made on credit. Cash payments are made 40% in the quarter of purchase and 60% paid in the quarter after purchase. Outstanding accounts payable is $42,000 and will be paid in the first quarter. Selling expenses include sales commissions of 12% of sales revenue and sales salaries of $35,000 per quarter. Administrative expenses include office building depreciation of $2,500 per quarter and office salaries of $55,000 per quarter. Remember to provide totals for both selling and administrative expenses and cash payments for selling and administrative expenses. The beginning cash balance for Teriyaki Foodies Restaurant is $50,000 and the company wishes to maintain an ending cash balance each quarter of at least $25,000. If the company does not have enough ending cash balance of $25,000, the company can borrow money from the bank. The bank provides a line of credit to the company up to $40,000 a year at a quarterly interest rate of 4%. Interest is paid when the load is repaid. Interest is calculated at the end of each quarter based on the loan balance before repayment. REQURED: Prepare the Schedule of Cash Receipts from Customers, Purchase Budget, Schedule of Cash Payments for Purchases, Cost of Goods Sold Budget, Selling and Administrative Expense Budget, Budgeted Income Statement and Cash Budget. Foodies Restaurant services quality, fresh, healthy flavor Asian food in high vibe atmosphere. The company's sales budget for the year 2022 is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Budgeted sales in units 5,000 Selling price per unit $60 Total Budgeted Sales $300,000 6,000 $60 $360,000 7,000 8,000 26,000 $60 $60 $60 $420,000 $480,000 $1,560,000 All sales are made in credit. Historically, 65% of cash collections are received in the quarter of the sale and the remaining 35% are collected in the quarter after the sale. The outstanding accounts receivable of $83,000 will be paid in the first quarter. Cost of goods sold is 45% of sales. Company policy is to maintain 25% of next quarter's sales units in ending merchandise inventory. First quarter's beginning merchandise inventory is 25% of 1st quarter sales units. The ending merchandise inventory for the 4th quarter is expected to be 1,250 units. Purchase cost per unit is calculated at sales price per unit x 60% cost of goods sold percentage. All purchases are made on credit. Cash payments are made 40% in the quarter of purchase and 60% paid in the quarter after purchase. Outstanding accounts payable is $42,000 and will be paid in the first quarter. Selling expenses include sales commissions of 12% of sales revenue and sales salaries of $35,000 per quarter. Administrative expenses include office building depreciation of $2,500 per quarter and office salaries of $55,000 per quarter. Remember to provide totals for both selling and administrative expenses and cash payments for selling and administrative expenses. The beginning cash balance for Teriyaki Foodies Restaurant is $50,000 and the company wishes to maintain an ending cash balance each quarter of at least $25,000. If the company does not have enough ending cash balance of $25,000, the company can borrow money from the bank. The bank provides a line of credit to the company up to $40,000 a year at a quarterly interest rate of 4%. Interest is paid when the load is repaid. Interest is calculated at the end of each quarter based on the loan balance before repayment. REQURED: Prepare the Schedule of Cash Receipts from Customers, Purchase Budget, Schedule of Cash Payments for Purchases, Cost of Goods Sold Budget, Selling and Administrative Expense Budget, Budgeted Income Statement and Cash Budget