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1 1 Exercise 8-1 (Algo) Schedule of Expected Cash Collections (L08-2] 45 points Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below April May June Total Budgeted males (1 on account) 5490,000 5690,000 $320,000 $1,400,000 Hint From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total Februarytales March sales April 2 Weller Company's budgeted unlt sales for the upcoming fiscal year are provided below: Budgeted unit sales ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 16,000 18,000 15,000 14,000 60 points BOON The company's variable selling and administrative expense per unit is $1.50. Fixed selling and administrative expenses include advertising expenses of $9,000 per quarter, executive salaries of $35,000 per quarter and depreciation of $15,000 per quarter. In addition, the company will make insurance payments of $4,000 in the first quarter and $4,000 in the third quarter. Finally, property taxes of $6,000 will be paid in the second quarter, Required: Prepare the company's selling and administrative expense budget for the upcoming fiscal year. (Round "Per Unit" answers to 2 decimal places.) Hint Print Sterferences Weller Company Selling and Administrative Expense Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Variable selling and administrative expense per unit Variable seling and administrative expense Fixed selling and administrative expenses Totalfied sing and administrative expenses Check my w 3 Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows Total cash receipts Tat Quartet 2nd Quarter and Quarter th Quarter $330.000 $ 450,000 $380,000 $400,000 Total cash disbursements $ 379,000 $ 349,000 $339,000 $339,000 100 DO The company's beginning cash balance for the upcoming fiscal year will be $22,000. The company requires a minimum cash balance of $10,000 ond may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded Required: Prepare the company's con budget for the upcoming fiscal year (Pepayments, and interest, should be Indicated by a minus sign) Garden Depot Cuth Budget to Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Beginning och tance Totalcach recept Total cash wat Yotal cash disbursement Ecos diciency of cash alesverdisbursement anong Bonowing Repayment Wrest Total trancing 4 900 point Required information Schedules of Expected Cash Collections and Disbursements; Income Statement, Balance Sheet (L08-2, LO8-4, LO8-9, LO8-10) [The following information applies to the questions displayed below) Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below, Deech Corporation balance sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total asuta Liabilities and stockholders' Equity Accounts payable Common stock Metained Total llabilities and stockholderswity $ 92.000 130.000 48.500 226.000 $46.600 5 77.000 329.000 10.600 3.485,600 4 100 points . Exercise 8-12 REV (Algo) Beech's managers have made the following additional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $270,000, $290,000, $280,000, and $300,000, respectively, 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are always $50,000 Each month $5,000 of this total amount is depreciation expense 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30 Refren Required: 1. Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the aparter 2. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30 2.b. Prepare a schedule of expected cash disbursements for merchandise purchases for July August and September Also compute total cash disbursements for merchandise purchases for the quarter ended September 30, 4 Required information total casn aisoursements tor merenanaise purcnases for the quarter endea septemoer ju. 100 points Complete this question by entering your answers in the tabs below. och Reg 1 Reg 2 Reg 28 Print Rulerences Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections Month July August September Quarter From July sales From August sales From September sales Total cash collections Reg 2A >

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