Hillyard Company an office supplies specialty store prepar

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: Cash $48000 (debit) Accounts receivable $224000 (debit) Inventory $60000 (debit) Buildings and equipment net $370000 (debit) Accounts payable $93000 (credit) Capital stock $500000 (credit) Retained earnings $109000 (credit) Required: Schedule of Expected Cash Collections January February March Quarter Cash sales $80000 Credit sales $224000 Total Collections $304000 Using the data above complete the following statements and schedules for the first quarter. Submit your responses in an Excel spreadsheet: Merchandise Purchases Budget January February March Quarter Budgeted Cost of Goods Sold $240000* $360000 Add desired ending inventory $90000** Total needs $330000 Less beginning inventory $60000 Required purchases $270000 *$400000 sales x 60% cost ratio = $240000 ** $360000 x 25% = $90000 Schedule of Expected Cash Disbursements-Merchandise Purchases January February March Quarter December purchases $93000 $93000 January purchases $135000 $135000 $270000 February purchases March purchases Total disbursements $228000 Schedule of Expected Cash Disbursements-Selling and Administrative Expenses January February March Quarter Salaries and wages $27000 Advertising $70000 Shipping $20000 Other expenses $12000 Total disbursements $129000 Cash Budget January February March Quarter Cash balance beginning $48000 Add cash collections $304000 Total cash available $352000 Less cash disbursements For inventory $228000 For selling and admin expenses $129000 For purchase of equipment —— For cash dividends $45000 Total cash disbursements $402000 Excess (deficiency) of cash ($50000) Financing needed Cash balance ending Provide your answers in a clearly organized Excel spreadsheet. Provide your answers in a clearly organized Excel spreadsheet

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