Good Beans is a not$-$for$-$profit coffee shop that takes a market$-$based approach to alleviating poverty and promoting economic self$-$sufficiency in developing nations. The organization accomplishes this mission by purchasing coffee beans solely from producers in developing nations who otherwise cannot successfully compete with wealthier suppliers.

Good Beans will begin its third fiscal year, FY$21,$ on January $1$ with $$15,000$ of cash on hand.

The shop operates $10$ hours per day, $5$ days per week, $50$ weeks per year.

The shop earns an average of $$5$ in sales revenue per customer and it expects an average of $150$ customers per day.

In addition, Good Beans expects to earn $$50,000$ in contributions; Good Beans expects to receive $70\%$ of these contributions in the first half of the fiscal year and $30\%$ in the second half.

Good Beans will take out a $$25,000$ loan at a $5\%$ annual interest rate on January $1$ to replace its current coffee$-$making and refrigeration equipment, which was donated to Good Beans and has exceeded its useful life.

The new equipment will cost $$25,000,$ its salvage value will be $$5,000,$ and it will have a useful life of $10$ years. The new equipment will be purchased and installed on April $1.$ Good Beans uses the straight$-$line depreciation method.

All of Good Beans' employees earn an hourly wage of $$12$ per hour plus benefits equal to $20\%$ of hourly wages. Wages and benefits in FY$21$ are the same as they were in FY$20.$

Both wages and benefits are paid every two weeks with a two$-$week lag. There are $5$ employees working each hour Good Beans operates.

As per Good Beans' lease, rent and utilities will be $$1,500$ per month in FY$21$ and $$1,750$ per month in FY$22.$ Rent and utilities must be paid one month in advance.

In addition, Good Beans will use $$2,000$ in supplies per month in FY$21.$ Suppliers are paid timely.

Annual interest payments on Good Beans' loan are due December $31$ of each year. No principal repayments are required until FY$22.$

Use the above information to prepare an annual operating budget and semiannual cash budget for Good Beans for FY$21.$

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Good BeansAnnual Operating BudgetFiscal Year $2021$Revenue & Support$$Shop Sales$[$Blank $1]$Contributions$[$Blank $2]$Total Revenue & SupportDO NOT ANSWER$$Expenses$$Salaries$[$Blank $3]$Benefits$[$Blank $4]$Rent and Utilities$[$Blank $5]$Supplies$[$Blank $6]$Interest$[$Blank $7]$Depreciation$[$Blank $8]$Total ExpensesDO NOT ANSWER$$Profit$/($Loss$)$DO NOT ANSWER

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Good Beans

Semiannual Cash Budget

Fiscal Year $2021$First HalfSecond HalfBeginning Balance$[$Blank $9]$DO NOT ANSWER$$Cash Receipts$$Shop Sales$[$Blank $10][$Blank $11]$Contributions$[$Blank $12][$Blank $13]$Total Cash ReceiptsDO NOT ANSWERDO NOT ANSWER$$Available CashDO NOT ANSWERDO NOT ANSWER$$Cash Payments$$Salaries$[$Blank $14][$Blank $15]$Benefits$[$Blank $16][$Blank $17]$Rent and Utilities$[$Blank $18][$Blank $19]$Supplies$[$Blank $20][$Blank $21]$Interest$[$Blank $22][$Blank $23]$Total Cash PaymentsDO NOT ANSWERDO NOT ANSWER$$SubtotalDO NOT ANSWERDO NOT ANSWER$$Borrowing$[$Blank $24][$Blank $25]$Repayments$[$Blank $26][$Blank $27]$Investments$[$Blank $28][$Blank $29]$Ending BalanceDO NOT ANSWERDO NOT ANSWER