ASSETS AS OF LIABILITIES AS OF DECEMBER 31, DECEMBER 31, Cash $4,000 Accounts payable (merchandise) $28,750 Accounts receivable 16,000 Dividends payable 1,000 Inventory* 31,250 Rent payable QM Prepaid insurance 1,200 M Fixed assets, net 10,000 $62,459 *November 30 inventory balance = $12,500 Recent and forecasted sales: October $30,000 December $20,000 February $60,000 April $36,000 November $20,000 January $50,000 March $30,000 Required Prepare a master budget including a budgeted income statement, balance sheet, statement of cash receipts and disbursements, purchase schedule and cash collection schedule for the months January through to March. The assignment would need to be completed in Excel. Use Excel formulas whenever possible. A percentage (50%) of the marks will be allocated due to the exibility built into your Excel file. For example, I may change your sales figure and should notice all other related changes automatically occur as well on your spread sheet. This will be discussed further in class. Fifty percent (50%) of the marks will be allocated to the solution while the other fifty percent (50%) will be allocated to the exibility/integration of the formulas. Submit an Excel formula sheet as well