Question: one problem, show steps please. thank you Answer the next three questions using the following information: Buchanan Home Goods purchases merchandise from suppliers for sale


one problem, show steps please. thank you
Answer the next three questions using the following information: Buchanan Home Goods purchases merchandise from suppliers for sale in its retail store. The company is preparing its budget for the 3rd quarter of the current year. Its Balance Sheet and other data about the store's operations are below: Balance Sheet as of June 30th Liabilities and Stockholders' Equity Accounts Payable 196,000 Assets Cash Accounts Receivable (Net) Merchandise Inventory Property & Equip (Net) Total Assets s 22,000 33,000 69,300 1,004,000 $ 1,128,300 Common Stock Retained Earnings Total Liabilities & Equity 480,900 451.400 $ 1,128,300 For the upcoming quarter, Sales are budgeted at: July $ 330.000 August $ 300,000 September $ 320,000 . Collections are expected to be 85% in the month of sale, 10% in the month following the sale, with 5% uncollectible. The company recognizes bad debt expenses in the month of sale. Cost of goods sold is 60% of sales. Desired Ending Merchandise Inventory is 35% of the following months' sales needs. 70% of merchandise purchases are paid in the month of purchase, with the remaining 30% paid in the month following the purchase. Other monthly expenses to be paid in cash are 525.000 Monthly Depreciation is $21.000, A dividend of $10.000 will be declared in the month of July for payment to shareholders in the month of August, Ignore any interest and taxes, 5 Budgeted cash collections in the month of September would be: S 302.000 . 5 317.000 A. . 6 Budgeted cash disbursements for the purchases of merchandise inventory in August would be: $ 184,200 186,450 C. 187,350 D. $ 310,750 E. None of the above $ S 1 7 Budgeted Retained Earnings at the end of July would be A S 537.400 B S 527,400 C. S 520.900 D S 510.900 E None of the above
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