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Thrifty Dollar Store is a local discount store with the following information: (Click the icon to view the information) Read the requirements Requirement 1. Prepare the sales budget for November and December Thrifty Dollar Store Sales budget For the Months of November and December November December Cash sales Credit sales Total sales Requirement 2. Prepare the cost of goods sold inventory, and purchases budget for November and December Thurity Dollar Store Cost of Goods Sold Inventory, and Purchases Budget Requirement 2. Prepare the cost of goods sold inventory, and purchases budget for November and December Thrifty Dollar Store Cost of Goods Sold, Inventory, and Purchases Budget For the Months of November and December November December Cost of goods sold Plus: Desired ending Inventory Total inventory required Less: Beginning inventory Purchases Requirement 3. Prepare the operating expense budget for November and December Enter any number in the edit fields and then continue to the next question Requirement 3. Prepare the operating expense budget for November and December Thrifty Dollar Store Cash Payments for Operating Expenses Budget For the Months of November and December November December Wage expense Utilities expense Property tax expense Property and liability insuranse expense Depreciation expense Credit/Debit card fees expense Total operating expenses Enter any number in the edit fields and then continue to the next question Thrifty Dollar Store is a local discount store with the following information (Click the icon to view the information ) Read the cosuirements Requirement 4. Prepare the budgeted income statement for November and December, Review the budgets prepared in Requirements 1, 2 and 3 Thrifty Dollar Store Budgeted Income Statement For the Months of November and December November December Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Net income Enter any number in the edit fields and then continue to the next question Thrifty Dollar Cash Collections Budget For the Months of November and December November December Cash sales Credit sales, net of fees Total cash collections Requirement 6. Prepare the cash payments budget for November and December (if no cash payment is made make sure to enter in the appropriate cat Review the budgets prepared in Requirements 1.2 and 3 Thrifty Dollar Cash Payments for Operating Expenses Budget Requirement 6. Prepare the cash payments budget for November and December (1f no cash payment is made, make sure to enter in the appropriate cel Review the budgets prepared in Requirements 1, 2 and 3 Thrifty Dollar Cash Payments for Operating Expenses Budget For the Months of November and December November December Purchases of inventory 30 day tag Cash payments for wages Cash payments for utilities Cash payments for property taxes Cash payments for dividends Pronartu anlah ingurana Enter any number in the edit Dields and then continue to the next question Requirement 7. Prepare the combined cash budget for November and December for anymout Us Review the cash collections and cash payments budgets prepared in Requirements and Thrifty Dollar Combined Cash Budget For the Months of November and December November December Beginning cash balance Plus Cash collections Total cash available Less: Cash payments Ending cash balance before financing November December Beginning cash balance Plus: Cash collections Total cash available Less Cash payments Ending cash balance before financing Financing Plus: New borrowings Less: Debt repayments Less: Interest payments Ending cash balance October sales are projected to be $320,000. Sales are projected to increase by 20% in November and another 30% in December and then return to the October level in January 40% of sales are made in cash while the remaining 60% are paid by credit or debit cards. The credit card companies and banks (debit card issuers) charge a 5% transaction fee, and deposit the net amount (sales price less the transaction fee) in the store's bank account daily. The store does not accept checks. Because of the payment mechanisms, there is no risk of non-payment or bad-debts The store's gross profit is 40% of its sales revenue. For the next several months, the store wants to maintain an ending merchandise inventory equal to $18,000 plus 15% of the next month's cost of goods sold. All purchases for merchandise are made on account and paid in the month following the purchase. The September 30 inventory is expected to be $46,800. Expected monthly operating expenses and details about payments include the following: Wages of store workers should be $7 000 per month and are paid on the last day of each month. Utilities expense is expected to be $600 per month in September October and November . . . . . . . Wages of store workers should be $7,000 per month and are paid on the last day of each month. Utilities expense is expected to be $600 per month in September October, and November Utilities expense is expected to be $1,200 per month during the colder months of December, January, and February. All utility bills are paid the month after incurred. Property tax is $27.600 per year and is paid semiannually each December and June Property and liability insurance is $20,400 per year and is paid semiannually each January and July Depreciation expense is $156,000 per year, the straight-line method used. Transaction fees, as stated earlier, are 5% of credit and debit card sales. Cash dividends of $220,000 are to be paid in December Assume the cash balance on October 31 is $45.000. The company wants to maintain a cash balance of at least $45.000 at the end of every month. The company has arranged a line of credit with a local bank at a 3% interest rate, There is no outstanding debt as of October 31. . . . ashleip uiz 1 of 2 (1 complete) with the following information ber and December November December Requirements Prepare the following budgets for November and December 1. Sales budget 2 Cost of goods sold inventory and pres budget 3. Operating expense budget 4 Budgetod income statement 5. Cash collections budget 6. Cash payments budget 7. Combined cash budget then continue to the next que a

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