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Problem 8-31 Completing a Master Budget (L08-2, LOB-4, LO8-7, LO8-8, LOB-9, LO8-10) Hilyard Company, an office sooles specialty store prepares its master budget on a quarterly basis. The following dat have been assembled to assist in preparing the master budget for the first quarter As of December 31 (the end of the prior quarter the company's general ledger showed the following account balances est recente 216.000 Meets payable C on stock Actual sales for December and budgeted sales for the next four months . 602.000 $317.000 Sales are 20% for cash and non credit All payments on a re collected t o the receivable at December 31 are a result of December credit sales d. The company's gross margin is 40of sales in other words, cost of goods sold is 60of sales) Monthly expenses are budgeted as follows salaries and wages, $35.000 per month advertig $51000 per month of sales other expenses of sales. Depreciation including depreciation was cold during the $45 100 for the quarter Each month's ending inventory should equal 25% of the following month's cost of goods sold 9. One half of month's inventory purchases is paid for in the month of purchase the other half is and in the following month h. During February, the company will purchase a new copy machine for $3.000 cash During Mach other equipment will be Durchased for cash at a cost of $80.000 fer 8 During January, the company will declare and pay $45,000 in cash dividends. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local banke that allows the company to borrow in increments of $1.000 at the beginning of each month. The interest rate on these loans is 15 per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able repay the plus accumulated interest at the end of the quartet 02:32:14 Required: Using the data above, complete the following statements and schedules for the first quarter 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget 2.b. Schedule of expected cash disbursements for merchandise purchases: 3 Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minusson March Quarter Hillyard Company Cash Budget 1 January February $ 50 000 207.000 357. 0000 00 Beginning cash balance Add cash collections Toalcash available Less cash disbursements Inventory purchase Sing and administrative Equipment purchase Cash dividends Total cash disbursements Excess deficiency of cash 600.800 143 800) Pro 55