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Problem 7-8AA (Algo) Merchandising: Preparation of a complete master budget LO P4 Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31 DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash $ 21,500 Accounts receivable 520,000 Inventory 157,500 Equipment 5 612,000 Less: Accumulated depreciation 76,500 535,500 Total assets $ 1,234,500 Liabilities and Equity Liabilities Accounts payable $ 355,000 Loan payable 13,000 Taxes payable (due March 15) 90.000 458,000 Equity Common stock $ 471,800 Retained earnings 305,500 776,500 Total liabilities and equity $ 1,234,500 To prepare a master budget for January February, and March, use the following information . The company's single product is purchased for $30 per unit and resold for $57 per unit. The inventory level of 5,250 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January 7,000 units: February 9,500 units: March, 10750 units, and April 10,500 units. All sales are on credit b. Cash receipts from sales are budgeted as follows: January, $244700; February, $738.995. March. $527,963 c. Cash payments for merchandise purchases are budgeted as follows: January $65,000; February, $311.900, March, $146,100 d. Sales commissions equal to 20% of soles dollars are paid each month. Sales salaries (excluding commissions) are $4,500 per month e. General and administrative salaries are $12,000 per month Maintenance expense equals $2.000 per month and is paid in cash New equipment purchases are budgeted as follows: January, $33.600: February $103.200, and March, $26,400. Budgeted depreciation expense is January, $ 6,725; February, 57,800; and March, 58,075 9. The company budgets a land purchase at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month h. The company has an agreement with its bank to obtain additional loans as needed. The interest rate is 1% per month and interest is peld at each month-end based on the beginning month balance. Partial or full payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $21,500 at the end of each month 1. The income tax rate for the company s 35%. Income taxes on the first quarter's income will not be paid until April 15. Required: Prepare a master budget for the months of January, February, and March that has the following budgets: 1. Sales budgets 355,000 13,000 90,000 458,000 Accounts payable Loan payable Taxes payable (due March 15) Equity Common stock Retained earnings Total liabilities and equity $ 471,000 385,500 776,500 $ 1,234,500 To prepare a master budget for January, February, and March, use the following information The company's single product is purchased for $30 per unit and resold for $57 per unit. The inventory level of 5,250 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units Budgeted sales are January, 2000 units: February 9,500 units March 10.750 units and April, 10,500 units. All sales are on credit b. Cash receipts from sales are budgeted as follows: January, $244.700; February, $738,995 March. $527963 Cash payments for merchandise purchases are budgeted as follows January, $65,000, February $31.900 March. $146,100 d Sales commissions equal to 20% of sales dollars are paid each month Sales salaries (excluding commissions) are $4,500 per month General and administrative salaries are $12.000 per month. Maintenance expense equals $2.000 per month and is paid in cash New equipment purchases are budgeted as follows January, $33,600, February, 5103.200, and March, $26.400 Budgeted depreciation expense is January, $ 6725, February, 57,800, and March $8,075 The company budgets a land purchase at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month The company has an agreement with its bank to obtain additional loans as needed. The interest rate is 1 per month and interest is paid at each month-end based on the beginning month balance. Partial or full payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $21,500 at the end of each month The Income tax rate for the company is 35% Income taxes on the first quarter's income will not be paid unta April 15 Required: Prepare a master budget for the months of January February, and March that has the following budgets 1. Sales budgets 2. Merchandise purchases budgets 3. Selling expense budgets 4. General and administrative expense budgets. Hint. Depreciation is included in the general and administrative budget for merchandisers 5. Capital expenditures budgets 6. Cash budgets 7. Budgeted income statement for entire quarter (not monthly ended March 31 8. Budgeted balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Noord: namese Capital expenditures budgets. ONSDALE SPORTS Capital penget TY