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Magbruka Corporation is about to start operation on January 1, 2021. The following information are available. 1. January sales are estimated at $700,000.00. The company normally collects 70% sales during the month and 28% the following month. The remaining 2% is noted as bad debt. The company ending accounting Receivable in January is 100,000.00 2. Purchases are estimated at $300,000.00 of which 60% will be paid on the month of purchased and the other 40% will be paid the following month 3. The gross profit margin is estimated to be 35% of Sales 4. The company estimated fixed selling and administrative expenses to be 5% of Sales of which 70% is paid in the month of the expense and 30% the following month. The account does not include any depreciation amount 5. The company debt service is estimated to be $20,000.00 of which $5,000.00 represents interest expense and the remainder is the principle payment. 80% payment is made on the interest expense during the month of January 6. The company estimated tax rate is 30%. 7. The company estimated depreciation to be $6,000.00 A. The Corporation has asked you as the controller/Treasurer to prepare the budgeted Income statement for the month of January based on the following assumption above. B. What is the total cash payment that Magbruka Corporation will make for January 31, 2021? C. What is the total cash receipt that Magbruka Corporation will post to their cash account for January A. Temene Town Corporation budgeted its cost of finished goods manufactured at $600,000 for January. Its January 31 finished goods inventory Budgeted to be three time the level of its January 1 finished goods inventory. The cost of goods sold budget for January has been set at $746,000. What amount is Temene Town's finished goods inventory budgeted for at January 31? B. Temene Town Corporation expects to incur $400,000 in expenses during January (including interest and taxes but excluding depreciation). Of this amount, taxes and interest are budgeted at $10,000 and 20,000 respectively and expired prepayments are budgeted at $40,000. Depreciation is budgeted at $25,000. Temene Town's current payables total $180,000 at Januaryl and are budgeted to Decrease to $140,000 by January 31. All payable are paid in full. What is the payments on current payables budgeted for January? C. Temene Town Corporation pays 65% of its debt service costs in each month and the other 35% is paid in the following month. November debt service costs are budgeted at $200,000 and the October debt service account showed $40,000.00 (a) What cash disbursement amount will be shown on Temene Town's debt service budget? (b) What was Temene Town Corporation Debt service costs budgeted for October assuming that the budgeted amount equal the actual amount spent? D. Temene Town Corporation's accounts receivable remain outstanding approximately 40 days, whereas its inventory remains in stock approximately 20 days before it is sold. It takes suppliers approximately 15 days to deliver inventory to Temene Town once an order is received. What is Temene Town's operating cycle

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