1 st. Maarten, a web-based wholesaler of kites, needs a budget prepared for the rst quarter of 2023. The information required to prepare the budgets is: Nov Dec Jan Feb March April Sales in units (all sales are on credit} 7,750 0,375 7,750 0,375 4,750 0,500 Unit selling price $ 8.00 Gross prot % 60% Collection pattern: Month of sale 60% Month following sale 25% 2nd month following sale 13% Monthly operating expenses: 1ll'i'ages 8. salaries $ 15,000 Insurance expired 125 Depreciation 250 Rent 1,000 Other expenses 2,500 A divide-ht of $1,500 was declared and paid in March. Merchandise inventory - company requires 40% of the next month's sales 50% of purchases are paid in the month purchased and the rest are paid in the month following All other cash expenses are paid in the month incurred The company has a bank operating line. Interest is charged and paid at 3% per annum of the previous month's ending balance. Purchased and paid for a $2,000 piece of equipment in March Balance Sheet at January 01: Assets Liabilities 8. Equity Cash 5 - Bank operating line 10,000 AIR [net]: 36,560 Accounts payable 8. accruals 16,000 Inventory 0,920 Prepaid insurance 1,250 Capital stock 1,000 Capital assets 30,000 Retained earnings 25,730 Accumulated depreciation (25,000]: Total $ 52,730 Total $ 52,730 All numbers are totals for the quarter unless I state otherwise. Sales $115,000 Purchases required $63,400 Collections of AIR $133,810 Payments of purchases $16,680 Total disbursements $134,680 Ending cash $39,165 March 31st balance in net AIR $24,190 Net income $44,650 Total assets at March 31 $18,800