Chrome File Edit View History Bookmarks Profiles b Window Help CH ) 100% 47 Sat 1:37 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... (1) T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open... > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Janus Products, Inc. is a merchandising company that sells binders, paper, and other school supplies. The company is Archive planning its cash needs for the third quarter. In the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials, which occur during August. The following information has been Smart Mailboxes assembled to assist in preparing a cash budget for the quarter: Google 10 Important points a. Budgeted monthly absorption costing income statements for July to October are as follows: eBook July August September October Sales $42, 000 $72 , 000 $52, 000 $47, 000 Print Cost of goods sold 24 , 800 42 , 800 30, 800 27, 800 Gross margin 17, 200 29 , 200 21 , 200 19 , 200 References Selling and administrative expenses: Selling expense 7, 800 12 , 100 8, 700 7, 500 Administrative expense* 5 , 750 7, 400 6, 300 6, 100 Total selling and administrative expenses 13 , 550 19 , 500 15 , 000 13, 600 Net operating income $ 3, 650 $ 9, 700 6, 200 5 , 600 *Includes $2,100 depreciation each month. b. Sales are 20% for cash and 80% on credit. c. Credit sales are collected over a three-month period, with 10% collected in the month of sale, 70% in the month following sale and 20% in the second month following sale. Mav sales totalled $32.000 and June sales totalled Mc Graw Hill 3 ... 22 9 XI WChrome File Edit View History Bookmarks Profiles b Window Help CH ) 100% 47 Sat 1:37 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... () T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open... > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash c. Credit sales are collected over a three-month period, with 10% collected in the month of sale, 70% in the month Archive following sale, and 20% in the second month following sale. May sales totalled $32,000, and June sales totalled $38,000. Smart Mailboxes d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the Google month of purchase. The remaining 50% are paid in the following month. Accounts payable for inventory purchases at 10 June 30 total $12,700. Important points e. The company maintains its ending inventory levels at 75% of the cost of the merchandise to be sold in the following month. The merchandise inventory at June 30 is $19,000. f. Land costing $4,600 will be purchased in July. eBook g. Dividends of $1,100 will be declared and paid in September. Print h. The cash balance on June 30 is $8,200; the company must maintain a cash balance of at least this amount at the end of each month. References i. The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $40,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. JANUS PRODUCTS, INC. Schedule of Expected Cash Collections July August Sentember Quarter Mc Graw Hill 3 ... 22 stv 9 XIChrome File Edit View History Bookmarks Profiles b Window Help CH ) 100% 47 Sat 1:37 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... (1) T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open.. > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Archive Required: 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. Smart Mailboxes Google 10 JANUS PRODUCTS, INC. Important points July Quarter eBook Cash sales Credit sales: Print May References June July Augus September Total cash collections $ o $ o $ Mc Graw Hill 3 ... 22 as tv P- XJChrome File Edit View History Bookmarks Profiles b Window Help 1 100% 47 Sat 1:38 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... ( T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open.. > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Archive Smart Mailboxes 2. Prepare the following for merchandise inventory: Google 10 Important points a. A merchandise purchases budget for July, August, and September. JANUS PRODUCTS, INC. eBook Merchandise Purchases Budget Print July August September References Total needs In " - Mc Graw Hill 3 ... 22 as tv P- XJ BOOKChrome File Edit View History Bookmarks Profiles b Window Help 1 100% 47 Sat 1:38 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... () T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open.. > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Archive Smart Mailboxes Google 10 b. A schedule of expected cash disbursements for merchandise purchases for July, August, and September and for the Important points quarter in total. JANUS PRODUCTS, INC. eBook Schedule of Expected Cash Disbursements Print July August September Quarter References Accounts payable, June 30 July purchases August purchases September purchases Total cash disbursements $ o $ o $ o $ 0 Mc Graw Hill 3 ... 22 as tv P- XJChrome File Edit View History Bookmarks Profiles b Window Help 1 100% 47 Sat 1:38 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... (1 T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open.. > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Archive 1 3. Prepare a cash budget for July, August, and September and for the quarter in total. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by Smart Mailboxes a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Google 10 Important points JANUS PRODUCTS, INC. Cash Budget eBook For the Quarter Ended September 30 July August September Quarter Print References Total cash available 0 0 0 0 Deduct: Disbursements: Total disbursements 0 0 0 Mc Graw Hill 3 22 tv A 52 ... XI aChrome File Edit View History Bookmarks Profiles b Window Help 1 100% 47 Sat 1:38 PM Q E v 120 215 manonone 5 510 , Inroad) 5 (5) WhatsAp X OB Assignme X D2L Modules 5&6 X Question 1 - | X C Centennial C X Labrinth - Be X Dashboard X + Mailboxes D ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2... (1) T Update Mailboxes New folder Watch the Latest... M Gmail YouTube Maps Snowfall Season 4... Stock Screener -... b Hot Penny Stocks... b Volume and Open.. > > Inbox Drafts Modules 5&6 - Chapter 7 i Saved Help Save & Exit Submit Sent x Junk Check my work Trash Archive Smart Mailboxes Google 10 Important points Total disbursements 0 0 0 Excess (deficiency) of cash available over disbursements eBook Financing: Print References Total financing 0 0 0 Mc Graw Hill 3 ... 22 as tv P- XJ