MASTER BUDGET Class Project Please note this project is DUE November November 14, 2017. Project must be done using a computer application program (Xcel, Word, etc). NO EXCEPTIONS. The following data relate to the operations of The Bond World Wide Corporation, a distributor of consumer goods: Current assets as of December 31: $ 6,000 36,000 9,800 110,885 32,550 100,000 30,135 Cash Accounts Receivable Inventory Building and equipment, net Accounts payable Capital stoclk Retained earnings The gross margin is 30% of sales. In other words, cost of gods sold is 70% of sales.) Actual and budgeted sales data are as follows: a. b. December (actual) January February March April $60,000 70,000 80,000 85,000 55,000 Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the results of December credit sales. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods sold. One-quarter of a month's inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the results of December purchases of inventory Monthly expenses are as follows: commissions, $12,000; rent, $1,800; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,400 for the quarter and includes depreciation on new assets acquired during the quarter. Equipment will be acquired for cash: $3,000 in January and $8,000 in February c. d. e. f. g