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Prepare a master budget

1 1 1 1 MicrosoftInternetExplorer4 0 2 DocumentNotSpecified 7.8 磅 Normal 0 Instructions: Solve the case study on excel and forward me your final excel sheet for marking. Where ever possible use formulas and link your spreadsheets. You can use independent sheets on excel for each requirement and then link the sheets where it is possible. You can solve this case study independently or in groups. If you decide to solve it in groups please forward me the information about your group (student names & IDs). If you decide to solve it independently provide your name and student ID with your submission via email directly to me by DUE DATE DECEMBER 10 th . Master Budget with Supporting Schedules Knockoffs Unlimited, a nationwide distributor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date, the company’s budgeting practices have been inferior, and at times the company has experienced a cash shortage. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April 1. You are eager to make a favorable impression on the president and have assembled the information below. The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: January (actual) 20,000 June 50,000 February (actual) 26,000 July 30,000 March (actual) 40,000 August 28,000 April 65,000 September 25,000 May 100,000 The large buildup in sales before and during May is due to Mother’s Day. Ending inventories should be equal to 40% of the next month’s sales in units. The necklaces cost the company $4 each. Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of a month’s sales are collected by month-end. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. The company’s monthly selling and administrative expenses are given below: Variable: Sales commissions 4% of sales Fixed: Advertising $200,000 Rent 18,000 Wages and salaries 106,000 Utilities 7,000 Insurance 3,000 Depreciation 14,000 All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter. The company’s balance sheet at March 31 is given below: Assets Cash $ 74,000 · Accounts receivable ($26,000 February sales; $320,000 March sales) 346,000 Inventory 104,000 Read less .cms-body-content{ overflow-x: auto; width: 100%;} Solutions Get Answer OR Add in library With a pool of 3000+ homework helper , MyAssignmenthelp.com has been successfully providing homework help services for over a decade now. We have become the best homework solver online with years of experience in academic writing. Our experts have played a vital role behind our overwhelming success. Their knowledge and commitment to provide high quality homework assistance has gained us the status of best homework help provider in this industry. Our services have satisfied the needs of many students so far who often search can someone write my homework online . × To Get Answer Please Fill the following Details Email ? We Will Use Your Email For : Communications regarding your orders. 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