Assets Cash Accounts receivable Inventory Plant and equipment Total assets Balance Sheet December 31 XXXX Liabilities and Shareholders' Equity 80,000 Accounts payable 61,100 126,000 Common shares 300,000 52,000 Retained earnings 96.900 200,000 458,000 Total liabilities and 458,000 shareholders' equity The following estimates were made for January, February March, and April in the next year All sales are on credit and fully collected. 30% is collected in the month of the sale and the remaining balance is collected the month following the sale. Also, the accounts receivable as of December 31 will be collected in January. The forecasted sales are: January 200,000 February 220,000 March 210,000 April 230.000 Every month's ending inventory must equal to 40% of the cost of next month's sales and the cost of goods sold is 65% of sales. XYZ Inc. pays for 50% of its purchases in the month of purchase and the balance in the following month. Further, December accounts payable will be paid in January Selling and administrative expenses are 65.000 each month (5.000 for equipment depreciation and 60,000 for monthly expenses) Required: Prepare a schedule for expected cash receipts for fanuary February, and March. Further include a column for the total amount for the three months (22 marks) Prepare a schedule for expected cash disbursements (for purchases) for January, February, and March. Further include a column for the total amount for the three months (15 marks), Prepare a purchase budget for January February, and March. Further include a column for the total amount for the three months (22 marks), Prepare an income statement for the quarter ended March 31 (10 marks) Prepare a balance sheet as of March 31 (16 marks) Ensure that your submission is clear and easy to understand Also include support and show