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10 points eBo-ok Print References You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December1 is $51,000. b. Actual sales for October and November and expected sales for December are as follows: October November December Cash sales $ 60,200 $ 81,600 $ 90,600 Sales on account $ 510,000 $ 603,000 $ 636,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $282,000 for December. ThirtyI percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $00,500. all of which will be paid in December. d. Selling and administrative expenses are budgeted at $4?1.000 for December. Of this amount. $61,100 is for depreciation. e. A new web server for the Marketing Department costing $118,500 will be purchased for cash during December, and dividends totaling $18,000 will be paid during the month. f. The companyI maintains a minimum cash balance of $20,000. An open line of credit is available from the company's bank to increase its cash balance as needed. WallK L Illiease Its Casil Udidice as leedeu. Required: 1. Calculate the expected cash collections for December. 10 2. Calculate the expected cash disbursements for merchandise purchases for December. points 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month. eBook Complete this question by entering your answers in the tabs below. Print References Req 1 and 2 Req 3 1. Calculate the expected cash collections for December. 2. Calculate the expected cash disbursements for merchandise purchases for December. Total cash collections Cash disbursements for merchandise purchases 10 points eBook Prlnl References Check my work You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December1 is $51,000. b. Actual sales for October and November and expected sales for December are as follows: Dumber Havsmher December Cash sales $ 60,200 $ 81,600 $ 90,600 Sales on account: $ 510,000 $ 603,000 $ 636,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $282,000 for December. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $1?0,500, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $431,000 for December. Of this amount. $61,100 is for depreciation. e. A new web server for the Marketing Department costing $118,500 will be purchased for cash during December, and dividends totaling $18,000 will be paid during the month. f. The company maintains a minimum cash balance of $20,000. An open line of credit is available from the company's bank to increase its cash balance as needed. Required: 1. Calculate the expected cash collections for December. 2. Calculate the expected cash disbursements for merchandise purchases for December. 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month. 10 points Complete this question by entering your answers in the tabs below. eBook Print Req 1 and 2 Req 3 References Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month. Ashton Company Cash Budget For the Month of December Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Payments to suppliers for inventory Selling and administrative expenses McPayments to suppliers for inventory Selling and administrative expenses New web server Dividends paid 10 points Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: eBook Borrowings Print Repayments References Interest Total financing Ending cash balance 10 points eBook WMI References Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 3|) Assets Cash 3 77 , 4 00 Accounts receivable 146 , 0 00 Inventory 70 , 2 00 Buildings and equipment , net of depreciation 280 , 0 00 Total assets $ 573,600 Liabilities and stockholders " Equity Accounts payable $ 251 , l 00 Common stock 216,000 Retained earnings 106,500 Total liabilities and stockholders' equity 5 573-500 The company is in the process of preparing a budget for October and has assembled the following data: 1. Sales are budgeted at $520,000 for October and $530,000 for November. Of these sales. 35% will be for cash: the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made. and the remaining 50% is collected in the following month. All of the September 30 accounts receivable will be collected in October. 2. The budgeted cost of goods sold is always 45% of sales and the ending merchandise inventory is always 30% of the following month's cost of goods sold. Z 10 points eBook Prlnt References 4. Selling and administrative expenses for October are budgeted at $80,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,800 for the month. Required: 'I. Using the information provided, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. The budgeted net operating income for October. e. A budgeted balance sheet at October 31. 2. Assume the following changes to the underlying budgeting assumptions: (1)5095 of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, [2] the ending merchandise inventory is always 10% of the following month's cost of goods sold, and [3] 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. Using these new assumptions, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31. Complete this question by entering yuur answers in the tabs helm. 2 b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31. 10 points Complete this question by entering your answers in the tabs below. eBook Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E Print References Prepare the budgeted cash collections for October. Budgeted cash collections for October 2 b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31. 10 points Complete this question by entering your answers in the tabs below. eBook Req 1A Req 1B Req 1E Req 2B Req 2D Print Req 1C Req 1D Req 2A Req 2C Req 2E References Prepare the budgeted merchandise purchases for October. Budgeted merchandise purchases for October 2 b. The budgeted merchandise purchases for October. c. The budgeted cash disbursements for merchandise purchases for October. d. Net operating income for the month of October. e. A budgeted balance sheet at October 31. 10 points Complete this question by entering your answers in the tabs below. eBook Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E Print References Prepare the budgeted net operating income for October. Budgeted net operating income for October Key JA Keq 1B AT bay Req 10 Keq IC Key ZA Keq 20 Keq ZL Keq 20 Key 20 Prepare a budgeted balance sheet at October 31. Wheeling Company 10 points Balance Sheet October 31 Assets eBook Print References Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity2 Complete this question by entering your answers in the tabs below. 10 points Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E eBook Prepare the budgeted cash collections for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always Print 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. References Show less A Budgeted cash collections for October 2 Complete this question by entering your answers in the tabs below. 10 points Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E eBook Prepare the budgeted merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory Print is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. References Show less A Budgeted merchandise purchases for October Complete this question by entering your answers in the tabs below. 10 points Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E eBook Prepare the budgeted cash disbursements for merchandise purchases for October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending Print merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. References Show less A Budgeted cash disbursements for merchandise purchases for October 7-3: Unit 7 Problems Saved Help Save & Exit Submit Check my work 2 Complete this question by entering your answers in the tabs below. 10 points Req 1A Req 1B Req 1C Req 1D Req 1E Req 2A Req 2B Req 2C Req 2D Req 2E eBook Prepare the net operating income for the month of October. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory Print is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. References Show less A Budgeted net operating income for October Req 2C Req 2E >Prepare a budgeted balance sheet at October 31. Assume that 50% of a month's credit sales are collected in the month the sales are made and the remaining 50% is collected in the following month, (2) the ending merchandise inventory is always 10% of the following month's cost of goods sold, and (3) 20% of all purchases are paid for in the month of purchase and 80% are paid for in the following month. 10 Show less A points Wheeling Company Balance Sheet eBook October 31 Print Assets References Total assets Liabilities and Stockholders' EquityLiabilities and Stockholders' Equity Total liabilities and stockholders' equity