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prepare a budgeted income statement for the quarter ending December 31, 2020. Show activity only for the quarter and not by indivials months

UTF-8"Course project Student Solution (2).xls File Edit Insert Format Help Unsaved changes Calibri 11 B I Y SA F G H f* Sept. purchases B D E 8 9 Schedule of expected cash collections: 10 11 October November 12 Cash sales $54,600 $65,520 13 Credit sales 15,000 23,400 14 Total collections $69,600 $88.920 15 16 17 * 5.000 x 310 x 30% December $81,900 28,080 $109,980 Quarter $202,020 66,480 $268,500 18 19 20 2 Merchandise purchases budget: 21 22 22 Budgeted cost of goods 24 Add desired ending Total needs 26 Less beginning 27 Required purchases 28 October $46,800 50 $44.9280 91.728 36.000 355.728 November $56.160 50 $56.160.0 112 320 44.928 $67.392 December Quarter $70.200 5173,160 $39.936.0 $39.936 110.136 213.096 56.160 $36.000 $$3.976 $177,096 1For Oct sales 578.000 sales 60% cost ratio. 546.800 2At Oct 31. 156.160 $59.904 32 "Given Schedule of expected cash disbursements merchandise purchases Group Calibri 11 BI V 54 f* Sept. purchases B H D E F ZA UT 30, LOW US 37, YUN $21.750 32 33 34 Given 35 36 Schedule of expected cash disbursements-merchandise purchases 37 38 October November December Quarter 39 Sept. purchases $21,750 40 October purchases 27,864 $27,864 $55,728 41 November purchases 33,696 $33,696 $67,392 42 December purchases 26.988 $26.988 43 Total disbursements $49,614 $61,560 $60,684 $171.858 44 45 * Given 46 47 3 Schedule of expected cash disbursements operating expenses April May June Quarter 49 Commissions 59,360 $11.232 $14,040 $34.632 50 Rent 2.500 2.500 2,500 $7.500 51 Other expenses $4.680 $5,616 $7,020 $17.316 52 Depreciation expense $900 $900 3900 $2,700 53 Total operating expenses $17.440 $0 520.248 50 $24.460 $62.148 58 Less Depreciation Expens $900 $900 $900 $2,700 55 Total disbursements $16.540 $19.348 $23.560 $59.448 56 57 Commissions 12N of sales 58 Rent is fixed 50 Other expenses of sales 80 Group

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