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Problem 8-31 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: $ Cash 60,000 Accounts receivable 216,000 Inventory 60,750 Buildings and equipment 370,000 (net) Accounts payable 91, 125 Common stock 500,000 Retained earnings 115,625 $ 706, 750 706, 750 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) 270,000 $ January $ 405,000 $ 602,000 February March April 317,000 $ 213,000 C. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $35,000 per month: advertising, $61,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $45,300 for the quarter. f. Each month's ending inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month h. During February, the company will purchase a new copy machine for $3,000 cash. During March, other equipment will be purchased for cash at a cost of $80,000. 1. During January, the company will declare and pay $45,000 in cash dividends. j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able, repay the loan plus accumulated interest at the end of the quarter. 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 Required Required Required Required Required 1 SA 2 1 accumulated interest at the end of the quarter. 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 2B Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Hillyard Company Cash Budget January February $ 60,000 $ 43,800 297,000 444,400 357,000 488,200 $ Beginning cash balance Add collections from customers Total cash available March Quarter 45,540 $ 60,000 545,000 1,286,400 590,540 1,346,400 769,425 Less cash disbursements: Inventory purchases Selling and administrative expenses Equipment purchases Cash dividends 227,400 128,400 295,500 144,160 3,000 246,525 121,360 393,920 80,000 83,000 45,000 Total cash disbursements 45,000 400,800 (43,800) 447,885 1,291,345 442,660 45,540 142,655 55,055 0 0 Excess (deficiency) of cash Financing Borrowings Repayments Interest Total financing Ending cash balance 0 0 0 0 0 0 0 $ (43,800) $ 45,540 $ 142,655 $ 55,055