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WATCH YOUR TIME. This is a 45 to 50 minute assignment but you are provided 60 minutes to complete it. An additional 15 minutes is provided to access the assignment and to prepare and upload your solutions to Moodle. Name your submission file as follows: "Name, Student ID, Assignment You can email your solution to me if you encounter difficulty uploading your submission to Moodle but do so before 2:15 pm. Submissions emailed after 2:15 pm will be assessed a 2 point penalty for each minute late. Your friend, Catherine Ross, owns Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces. She has contacted you for some assistance because the accounting clerk, George Forrest, recently won a sum of money and decided to resign immediately. Catherine knows that you are completing an accounting course at Cape Breton University and hopes you can prepare the cash budget for the upcoming quarter (April, May and June, 2021) Catherine has provided you with the budgets completed by George. She has also provided you with additional information that will assist with the completion of the cash budget Completed Budgets (April, May, June, and Quarter Total, 2021) Sales Budget April . June Qurfer Budgeted sales in units 70,000 60.000 55,000 185.000 Unit sales price 10 10 Sales in dollars $700,000 $600,000 $550.000 $1 850.000 10 10 May $ Cash Colletions Budget February sales March sales April sales May sales June sales Total April 31,000 308,000 140,000 $44,000 490,000 120.000 June Quarter $ 31,000 352,000 70,000 700.000 420,000 540,000 110,000 110.000 600.000 1,733,000 479.000 654.000 Merchandise Purchases Budget Sales in units (storage systems) Add Budgeted ending inventory Total needs Less Beginning finished goods inventory Required unit purchases Unit cost Required Purchases April May June 70,000 60 000 55,000 24,000 22.000 20.000 94,000 82,000 75,000 28.000 24,000 22.000 66,000 58,000 53,000 S 4 $ 4S $264.000 232000 212.000 185,000 20,000 205.000 28.000 177.000 208.000 Cash Disbursements - Inventory Purchases March purchases Apel purchases May purchases June purchases April May Jone Our $ 108,000 $ 108 000 132.000 132.000 264.000 116.000 116,000 372.000 100.000 106.000 $ 240,000 $ 248.000 5 272,000 5 Continued on the next 710.000 Page 14 112 RE . ADDITIONAL INFORMATION: Cash balance, April 1, 2021 - 58,000 The company's monthly selling and administrative expenses are provided below. All selling and administrative expenses are paid in the month incurred, with the exception of depreciation and insurance. Insurance is paid on an annual basis in December of each year. Variable expenses Commissions 5% of sales Fixed expenses Advertising $19.000 Rent 20.500 Wages & salaries 125,000 Utilities 9,000 Insurance 3,000 Depreciation 18,000 The company plans to purchase new equipment for cash in May ($18,000) and June ($45,000). The company wants to have an ending cash balance each month of $40,000. All borrowing is done at the beginning of the month. The interest on outstanding loans is 1% per month Loan repayments and interest is only paid at the end of the month when there is sufficient cash to do so. (The company does not borrow to pay interest or repay loans.) REQUIRED: a Prepare a cash budget in good form. Show the budget by month and in total b. What will be reported on the budgeted balance sheet at June 30, 2021 for accounts receivable? Supporting calculations required c What will be reported on the budgeted balance sheet at June 30, 2021 for merchandise purchases payable? Supporting calculations required You may use the template on the next page for the cash budget if you wish ttttttttttttttt Walted from Managerial Accounting 138 dicon