hi please use the first 4 pictures as reference to help you answer the BUDGETED INCOME STATEMENT on the last picture. i dont know what i am doing wrong please help

B D E F G H 3 N00 May 5 CRAVAT SALES COMPANY 6 Budgets 7 8 April June Quarter 9 1a. Sales budget 10 Budgeted sales in units 33,000 41,000 65,000 139,000 11 Selling price per unit $ 8.10 $ 8.10 $ 8.10 $ 8.10 12 Total sales $ 267,300 $ 332,100 $ 526,500 $ 1,125,900 13 Correct! Correcti Correct! Correct! 14 16. Schedule of expected cash collections: 15 February sales 19,440 $ 19,440 16 March sales 136,080 22,680 158,760 17 April sales 80,190 160,380 $ 26,730 $ 267,300 18 May sales 99,630 199,260 $ 298,890 19 June sales 157,950 $ 157,950 20 Total cash collections $ 235,710 $ 282,690 $ 383,940 $ 902,340 21 Correct! Correct! Correct Correct! 22 10. Merchandise purchases budget: 23 Budgeted sales in units 33,000 41,000 65,000 139,000 24 Add budgeted ending inventory 30.750 48,750 30,000 30,000 25 Total needs 63,750 89.750 95,000 169,000 26 Less beginning inventory 24,750 30.750 48,750 24.750 27 Required unit purchases 39,000 59,000 46,250 144,250 28 Unit cost $ 4.85 $ 4.85$ 4.85 $ 4.85 29 Required dollar purchases $189,150.00 $286,150.00 $224,312.50 $699,612.50 30 Correct Correct! Correct! Correct! 31 10. Budgeted cash disbursements for inventory purchases: 32 March purchases $ 76,993.75 76,994 33 April purchases 94,575 $ 94,575 189,150 34 May purchases 143,075 $ 143,075 $ 286,150 35 June purchases 112,156.25 112,156.25 36 Total cash payments $171,568.75 $ 237,650 255,231.25 664.450.00 37 Correct Correct! Correct Correct! 38 392 2 CRAVAT SALES COMPANY Cash Budget For the Three Months Ending June 30 April May June 14.000 $ 12,141.25 $ 12,181.25 $ 235,710 282,690 383,940 249,710 294,831 396,121 Quarter 14,000 902,340 916,340 171,568.75 33,000 22,000 14,000 3,000 12,000 237,650.00 41,000 22,000 14.000 3,000 255,231.25 65,000 22,000 14,000 3,000 Cash balance, beginning Add receipts from customers Total cash available Less disbursements: Purchase of inventory Sales commissions Salaries and wages Utilities Miscellaneous Dividends paid Land purchases . Total disbursements Excess (deficiency) of receipts 3 over disbursements Financing Borrowings Repayments 2 Interest -3 Total financing 54 Cash balance, ending 55 30,000 347,650.00 255,568.75 359,231.25 (5,858.75) (52,818.75) 36,890.00 0 1 18,000 65,000 83,000 23,000 23,000 1,840 1,840 18,000 65,000 24,840 107,840 $ 12,141.25 $ 12,181.25 $ 12,050.00 $ 12,050 Correct! Correct! Correct! Correct! CRAVAT SALES COMPANY Minimum ending cash balance Selling price (per unit) $ $ 12,000 8.10 Recent and forecast sales (in units) January (actual) February (actual) March (actual) April May June July August September 20,000 24,000 28,000 33.000 41,000 65,000 40,000 36,000 32,000 75% Desired ending inventories (percentage of next month's sales) Cost of ties (per unit) $ $ 4.85 Purchases paid as follows: In month of purchase In following month 50% 50% Collection on sales: Sales collected current month Sales collected following month Sales collected 2nd month following 30% 60% 10% Variable monthly expenses: Sales commissions (per tie) $ 1.00 Fixed monthly expenses: Wages and salaries Utilities Insurance Depreciation Miscellaneous $ $ $ $ $ 22,000 14,000 1,200 1,500 3,000 Fixed monthly expenses: Wages and salaries Utilities Insurance Depreciation Miscellaneous $ $ $ 22.000 14,000 1,200 1,500 3,000 $ $ Land purchased in May Dividends declared each quarter S $ 30,000 12,000 $ 14,000 Balance sheet at March 31: Assets Cash Accounts receivable February sales $19,440 March sales 158,760 Inventory (24,750 units) Prepaid insurance Fixed assets, net of depreciation Total assets 178,200 120,037.50 14.400 172,700 $499,337.50 les and Stockholders' Equity Accounts payable Dividends payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 76,993.75 12.000 300,000 110,343.75 $499,337.50 S 1,000 $300,000 Agreement with Bank: Borrowing increments Maximum borrowing amount Interest rate per month Repayment increments Total of interest paid each quarter Required minimum cash balance 1% S 1,000 100% 12,000 $ 66 67 3 68 69 70 CRAVAT SALES COMPANY Budgeted Income Statement For the Three Months Ended June 30 139,000 $ 1,125,900 674,150 139,000 813,150 312,750 71 72 Sales in units 73 Sales 74 Variable expenses: 75 Cost of goods sold 76 Commissions 77 Contribution margin 78 Fixed expenses: 79 Salaries and wages 80 Utilities 81 Insurance expired 82 Depreciation 83 Miscellaneous 84 Net operating income 85 Less interest expense 86 Net income 87 RSS 2.0 22,000 14,000 3,600 4,500 3,000 47,100 265,650 1,840 $ 263,810 Try again! non