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Problem 4 Oui-Got Stuff is preparing its budget for the coming year. Below is information about the 2 quarter, which is not yet finished, The following additional information is available: Budgeted Income statement for July 200x The budgeted income statement for the 2nd quarter is: July $ 37,000 21.000 11.000 Oul-Get Stuff, Inc. Rudgeted Income Statement For the 2 Quarter Ended 200x April May Sales $ 22,000 $ 25,000 Cost of goods sold 11.000 13.000 Gross profit 11,000 12.000 Less: Selling expenses 2.300 3,000 Administrative expenses 2.500 3000 June $ 28,000 16,000 12,000 Sales Cost of goods sold Gross profit Less: Selling expenses Administrative expenses Total Net income 4,200 3.600 7.800 S3,200 3,400 3,200 Total Net income 4,900 S 6.100 6,000 $ 6,000 6,600 $5.100 Qui-Got Stuff has also completed the purchases budget, as follows: Oui Got Stuff, Inc. Purchases Budget For the 2nd Quarter Ended 200x April May Budgeted cost of goods sold $ 11,000 $ 13,000 Plus: desired ending inventory 3,250 4,000 Total inventory needs 14,250 17,000 Less: beginning inventory 12,500) (3.250) Budgeted purchases $ 11,750 $ 13,750 1. 80% of monthly sales are on account (i.e., for credit). The remainder is for cash. 2. Credit sales are collected as follows: 10% in the month of credit sales 60% in the month following the credit sales . The remainder in the al month following the credit sales 1. Total budgeted sales for February are $15,000. 4. Total budgeted sales for March are $16,000. 5. Qui-Got assumes it would pay for budgeted purchases 55% in the month of purchase and 35% in the month following the purchase 6. Budgeted purchases for March are $17,000. 7. For the months of April and May, the company must make a $5,000 payment for an outstanding bank note 8. Qui-Got must maintain a cash balance of at least $4,000 at the end of each month. 9. The budgeted cash balance at April 1 is 54,500. 10. When ending cash balances are less than $4,000, they make a short-term borrowing from their local bank. However, all borrowings must be made in multiples of $100. These short term loans are repaid at the end of the year, which is December 314 June $ 15,000 5,250 21,250 (4,000) $ 17,250 The company needs to prepare its budgeted cash receipts, budgeted cash payments for purchases, and monthly cash budget schedules for April, May and June. Required: a. Prepare a monthly budgeted operating cash receipts schedule for the 2 quarter, i.e. April, May, and June. b. Prepare a monthly budgeted cash disbursements schedule for purchases for April, May, and June. c. Prepare a monthly total cash budget for April, May, and Junc. In that schedule, show borrowings from the company's local bank as needed to maintain the minimum cash balance. (Note: in your schedules show all three months, i.e. in 3 columns, rather than preparing separate schedules for each month.)