Chapter 10 homework 0 Saved Help 3 20 points eBook Print References Exercise 10-32 (Algo) Retailer Budget [LO 10-4] D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of April: Cash $ 102, 400 Accounts receivable 984, 000 Invento ries 690, 000 Accounts payable 309, 626 The firm follows these guidelines in preparing its budgets: . Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The rm books receivables at gross amounts and collects 60% of the billings within the discount period, 25% by the end ofthe month, and 9% by the end of the second month. The firm's experience suggests that 6% is likely to be uncollectible and is written off at the end of the third month. . Purchases and expenses. All purchases and expenses are on open account. The rm pays its payables over a 2-month period with 54% paid in the month of purchase. Each month's units of ending inventory should equal 125% of the next month's cost of sales. The cost of each unit of inventory is $40. Selling, general, and administrative (SG&A) expenses, of which $2,900 is depreciation, equal 15% of the current month's sales. Actual and projected sales follow: Month Dollars Units Month Dollars Units March $ 822,000 13,700 June $ 798,000 13,300 April 840,000 14,000 July 834,000 13,900 May 828,000 13,800 August 846,000 14,100 Save 8: Exit w Submit Chapter 10 homework i Saved Help Save & Exit Submit Check my work 3 Required: 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 20 4. Determine gross and net balances of accounts receivable on May 31. points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 Required 3 Required 4 References Prepare schedules showing budgeted merchandise purchases for May and June. D. Tomlinson Retail Budgeted Merchandise Purchases May and June May June July Cost of Goods Sold Total needed Budgeted merchandise purchasesChapter 10 homework 0 Saved 3 20 points eBook Print References Required: 1' Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts receivable on May 31. Complete this question by enterlng your answers In the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule showing budgeted cash disbursements during June. Budgeted cash disbursements Help Save & Exit Submit m Chapter 10 homework 0 Saved 3 20 points eBook Print References Required: 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts receivable on May 31. Complete thls quewtlon by enterlng your answers In the tab: below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule showing budgeted cash collections during May. Within the discount period After the discount period Total cash collections Help Save & Exit Submit w Chapter 10 homework 0 Saved 3 20 points eBook Print References Required: 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts receivable on May 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine gross and net balances of accounts receivable on May 31. Remaining AR % AR Balance (Gross) Bad-debt allowance AR Balance (Net)