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[Fhe follownig information applies to the questions displayed befou] Munoz Company is a retall company that specializes in seling cutdoor camping equipment. The company is considering opening a new store on October 1. year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator you have been assigned the following tasks. Problem 7.23A (Algo) Part 2 h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quartet 1. Prepore a pro forma statement of cash fows for the quartee. Complete this question tw enterinig your answers in the tabs below. Prepare a peo forma income statement for the quarter. 1. Prepare a pro forma balance sheet at the end of the quarter. 1. Prepare a pro forma statement of cash flows for the quarter. Complete this question by entering your answers in the tabs below. Prepse a pro forma balance sheet at the end of the quarter. (AMounts to be deducted should be indicated by a minus slign.) 1. Pregare a pro forma balance sheet at the end of the quartee J. Prepare a peo forma statement of cash flows for the quarter Complete this question by entering your answers in the tales balow. Required information Problem 7-23A (Algo) Preparing a master budget for retail company with no beginning account balances LO 7-2, 7-3, 7.4, 7-5, 7-6 [The following information applies to the questions displayed below] Munoz Company is a retall company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. Problem 7-23A (Algo) Part 1 Required 0. October sales are estimated to be $340,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget b. The company expects to collect too percent of the accounts receivable cienerated by credit sales in the month foliowing the sale Prepare a schedule of cash receipts. c. The cost of goods sold is 70 percent of sales. The compary desires to maintain a minimum ending inventocy equal to 20 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $12900. Assume that all purchases are made on account Piepare an inventory. purchases budget d. The company pays 70 percent of accounts payable in the month of ourchase and the remaining 30 percent in the following month. Prepare a cash poyments budget for inventory purchoses e. Budgeted selling and odministrative expenses permonth follow. The capital expenditures budget Indicates that Munoz will spend $146.600 on October 1 for store fixtures, which are expected to lave a $29,000 balvage value and a two-yeat (24-month) useful life Use tiis information to prepare a selling and acministrative expenses budget. f. Uvitues and sales commissions are paid the month after they sre incumed all other expenses are paid in the month in which they are inculred. Prepare a cash payments budget fot selling and administative expenses: 9. Munoz borrows funds. in increments of $1000, and repays tremi on the lost day of the month. Repayments may be made in any amount avatable. The company also pays its vendors on the last day of the month, it pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the compary desires to mantam a $21.000 cash cushion. Prepare a cash budget. Complete this question by entering your answers in the tabs below. October cales are estimated to be 5340,000 , of which to percent will be cash and 60 percent will be credit. The company wxpects sales to increase at the rate of 20 percent per month. Prepare a sales budget. [Fhe follownig information applies to the questions displayed befou] Munoz Company is a retall company that specializes in seling cutdoor camping equipment. The company is considering opening a new store on October 1. year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator you have been assigned the following tasks. Problem 7.23A (Algo) Part 2 h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quartet 1. Prepore a pro forma statement of cash fows for the quartee. Complete this question tw enterinig your answers in the tabs below. Prepare a peo forma income statement for the quarter. 1. Prepare a pro forma balance sheet at the end of the quarter. 1. Prepare a pro forma statement of cash flows for the quarter. Complete this question by entering your answers in the tabs below. Prepse a pro forma balance sheet at the end of the quarter. (AMounts to be deducted should be indicated by a minus slign.) 1. Pregare a pro forma balance sheet at the end of the quartee J. Prepare a peo forma statement of cash flows for the quarter Complete this question by entering your answers in the tales balow. Required information Problem 7-23A (Algo) Preparing a master budget for retail company with no beginning account balances LO 7-2, 7-3, 7.4, 7-5, 7-6 [The following information applies to the questions displayed below] Munoz Company is a retall company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. Problem 7-23A (Algo) Part 1 Required 0. October sales are estimated to be $340,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 20 percent per month. Prepare a sales budget b. The company expects to collect too percent of the accounts receivable cienerated by credit sales in the month foliowing the sale Prepare a schedule of cash receipts. c. The cost of goods sold is 70 percent of sales. The compary desires to maintain a minimum ending inventocy equal to 20 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $12900. Assume that all purchases are made on account Piepare an inventory. purchases budget d. The company pays 70 percent of accounts payable in the month of ourchase and the remaining 30 percent in the following month. Prepare a cash poyments budget for inventory purchoses e. Budgeted selling and odministrative expenses permonth follow. The capital expenditures budget Indicates that Munoz will spend $146.600 on October 1 for store fixtures, which are expected to lave a $29,000 balvage value and a two-yeat (24-month) useful life Use tiis information to prepare a selling and acministrative expenses budget. f. Uvitues and sales commissions are paid the month after they sre incumed all other expenses are paid in the month in which they are inculred. Prepare a cash payments budget fot selling and administative expenses: 9. Munoz borrows funds. in increments of $1000, and repays tremi on the lost day of the month. Repayments may be made in any amount avatable. The company also pays its vendors on the last day of the month, it pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the compary desires to mantam a $21.000 cash cushion. Prepare a cash budget. Complete this question by entering your answers in the tabs below. October cales are estimated to be 5340,000 , of which to percent will be cash and 60 percent will be credit. The company wxpects sales to increase at the rate of 20 percent per month. Prepare a sales budget