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Aztec Company sells its product for $150 per unit. Its actual and budgeted sales follow Sales units Sales dollars May (Actual) 2,000 $ 420,000 June (Budget) 5,500 $ 825,000 July (Budget) 4,500 $ 675,000 August (Budget) 4,500 $ 675,000 All sales are on credit. Collections are as follows: 28% is collected in the month of the sale, and the remaining 72% is collected in the month following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and the other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 21% of the next month's unit sales. The May 31 actual Inventory level of 1,155 units is consistent with this policy. Selling and administrative expenses of $149,000 per month are paid in cash. The company's minimum cash balance at month-end is $120,000 Loans are obtained at the end of any month when the preliminary cash balance is below $120,000. Any preliminary cash balance above $120,000 is used to repay loans at month-end. This loan has a 0.5% monthly interest rate. On May 31, the loan balance is $32,500, and the company's cash balance is $120,000. Required: 1. Prepare a schedule of cash receipts from sales for each of the months of June and July 2. Prepare the merchandise purchases budget for June and July 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $370,370 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month purchases is $370,370 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cash receipts from sales for each of the months of June and July. AZTEC COMPANY Schedule of Cash Receipts from Sales May June July Sales $ 420.000 S 825.000 $ 675,000 Cash receipts from Collections of current period sales S 180.000 $ 231.000 302.400 Collections of prior penod sales 504,000 $783,000 Total cash receipts S533.400 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the merchandise purchases budget for June and July. AZTEC COMPANY Merchandise Purchases Budgets June July Budgeted sales units Calculation of desired ending inventory Next period budgeted sales units Ratio of inventory to future sale Add: Desired ending inventory Total required units Less: Beginning inventory units Units to purchase Cost per unit Cost of merchandise purchases 5,500 4,500 21% 945 6,445 1,155 5,290 S 110 $ 581,900 4,500 4,500 21% 945 5,445 945 4,500 110 S 495,000 S 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $370,370. AZTEC COMPANY Schedule of Cash Payments for Merchandise Purchases June July May 3370,370 Merchandise purchases 581.900 405.000 Cash payments for s 340/140 207.000 140 140 232,700 S407,288 520,700 Current period purchases Pror penod purchases Total cash payments for march purchases s Required 1 Required 2 Required 3 Required 4 Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollars.) AZTEC COMPANY Cash Budget June and July July Beginning cash balance $ Add: Cash receipts from sales Total cash available Less: Cash payments for Merchandise purchases Selling and administrative expenses Interest expense Cash receipts from sales Total cash payments Preliminary cash balance Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance - End of month S Loan balance June 120,000 533,400 653,400 497,288 149,000 163 645,451 1,292.902 1.358.650 6,950 223.674 6.950 S 223.674 July 113.050 $ 113,050 June 113,050 $ 113,050 $ 120,000 783,000 903,000 529.760 149,000 565 679 325 x