Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the fol lowing estimated statement of financial position for December 31, 2011,

 Prepare a master budget for each of the first three months of 2012; include the following component budgets (show supporting calculations as needed, and round amounts to the nearest dollar):
1. Monthly sales budgets (showing both budgeted unit sales and dollar sales).
2. Monthly merchandise purchases budgets.
3. Monthly selling expense budgets.
4. Monthly general and administrative expense budgets.
5. Monthly capital expenditures budgets.
6. Monthly cash budgets.
7. Budgeted income statement for the entire first quarter (not for each month).
8. Budgeted balance sheet as of March 31,2012.n

SIMID SPORTS COMPANY Estimated Statement of Financial Position December 31, 2011 Assets $ 16.000 Cash 262,500 Accounts receivable 75.000 Inventory .... 355,500 Total current assets $270,000 Equipment Less accumulated depreciation Total assets 236.250 $591,750 33.750 Liabilities and Equity SI80,000 Accounts payable Bank loan payable 7.500 45.000 Taxes payable (due 3/15/2012) Total lialaies $232.500 236.250 Share capital ordinary Retained earning 123.000 359.250 $591.750 Total shareholders' equity Total labilities and equity