Assignment: Prepare a monthly cash budget for the six-month period, January through June, 2016. Prepare a pro-forma income statement and balance sheet for the same period, January through June. Complete the assignment using the Excel template. Print out two pages (one including the cash budget and another with the pro forma statement) and turn in at the start of class on Tuesday, June 28th. You do not need to print the formulas. Information: a) Sales are 60% for cash, 40% on open account (credit sales). b) Of the credit sales, 10% are collected during the month of sale, 70% in the month following the month of sale, and 20% in the second month following the sale. c) Cost of goods sold is strictly materials and averages 65% of sales. d) The store follows a policy of purchasing enough inventory each month to cover the following month's sales at cost. e) All inventory purchases are paid for two months after they are made. f) A minimum cash balance of $8,000 is targeted for the store. g)"Other current liabilities" remain unchanged. h) Wages are paid one month after incurred. i) The corporate tax rate is 35%. As of December 31, 2015 all back taxes had been paid. No additional tax payment is due until July 15th. j) A $9,000 dividend payment will be made in June