I need help finding divends paid

Case 8-33 (Algo) Master Budget with Supporting Schedules (LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price-$16 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) February (actual) March (actual) April (budget) May (budget) 22, ese 29. eee 42, eee 67.000 182.ee June (budget) July (budget) August (budget) September (budget) 52.ee 32.ee 30.09 27.000 The concentration of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $5.00 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase: the other half is paid for in the following month. All soles are on credit Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month and the remaining 109 is collected in the second month following sale. Bod debts have been negligible Monthly operating expenses for the company are given below. Variable: Sales Commissions Fixed Advertising of sales Rent Salaries Utilities Insurance Depreciation $ 398 Lue 28 bere 126,000 $ 12,00 5 4.ee $24.ee Insurance is paid on an annual basis, in November of each year The company plans to purchase $21,000 in new equipment during May and $50,000 in new equipment during June, both purchases will be for cash. The company declares dividends of $22.500 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below! 5 34 208 Assets Cash Accounts receivable ($44,908 February sales. 5537,680 March Sales Inventory Pregard Asurance Property and equipment (net) Total acts Liabilities and Stockholders Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholders ego ty 582 400 134 800 26.000 1 asa, BOB $ 1976, 4ea lie 200 22 soe 1,000,000 7410e $ 1876.400 The company maintains a minimum cash balance of $60.000 Al borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bonk that allows the company to borrow in increments of $1000 at the beginning of each month. The interest rate on these loons is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible in increments of $1,000), while still retaining at least $60,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1.0. A sales budget by month and in total The company maintains a minimum cash balance of $60,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loons is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1.000), while still retaining at least $60,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 10. A soles budget, by month and in total. b. A schedule of expected cash collections, by month and in total. C Amerchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2 A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cosh bolonce of $60,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution opproach. 4. A budgeted balance sheet os of June 30. & Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 16 Rea 1 Reg 10 Reg 2 Reg 3 Prepare a master budget for the three-month period ending June 30 that includes a cash budget, Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of 560,000. (Cash deficiency, repayments and interest should be indicated by a minus slgn.) Earrings Unlimited Cash Budget For the Three Monthe Ending June 30 April May June s 84 000 S80,720 S 244.940 729 600 Q 4144,000 1.416,000 813 800 204.720 1,860,940 Quarter 3 24.000 Beginning cush balance Add collections from cusleners Total cash available 3,289,800 1,373,600 Less ursements: Merchandise purchases Advertising Rent Salaries Commissions Uglities Equipment purchases Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance 13 12,500) ( 407 500) (315.000) 1035,000) 4300.000 1300.000 (300.000) (900.000 (28,000) 28.000) (28,000) (34.000 (128.000 126000) 128.000) (375,000) K42,830) (85.280) (33.280) (141.440) (12.000) 12 000) (12.0001 (36.000) 21.000) (50,000) (71,000) 122 500) (22.500) (22,500) X (67,500) (843.880) 982 280) (386.780) (2.7 12.940) (B0 280) 222.440 774.160 660,880 91000 91.000 (91.000) (2.730) 07:30) &B011130 191.0001 (2.730) 2.730) 857 930 0 9.000 560.720 S222440