Help Save &Exit Subm roject Check my work Required information Problem 14-23 Preparing a master budget for retail company with no beginning account balances LO 14-2,14-3,14-4,14-5,14-6 or 2 The following information applies to the questions displayed below Jordan Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019 The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks Problem 14-23 Part 1 a. October sales are estimated to be $200,000, of which 35 percent will be cash and 65 percent will be credit The company b. The company expects to collect s00 percent of the accounts receiveble generated by credit sales in the month following the expects seles to increase at the rate of 25 percent per month Prepare a saes budget sale. Prepare a schedule of cash receipts percent of the next month's cost of goods sold. Howevec, ending inventory of December s expected to be $12.800 Assume that al purchases are made on account Prepere an inventory ourchases budget d. The company pays 60 percent of accounts payable in the month of purchase and the renanng 4?pecent in the flowing month. Prepare a cash payments budget for invertory 8 3