Balance Sheet 12/31/2021 Cash $ 15,000 Accounts payable $ 113,100 Accounts receivable 72,913 Taxes payable 1,500 Inventory 22,100 ST loan interest payable 60 Prepaid insurance 3,500 ST loan payable 6,000 Total current assets 113,513 Total current liabilities 120,660 Equipment 25,000 LT Loan payable 30,000 Accumulated amortization 5,000 Total liabilities 150,660 Net equipment 20,000 Common shares* 20,000 Retained earnings (37,148) Total assets $ 133,513 Total liabilities and equity $ 133,513 * 10,000 common shares, issued for $2 each

1 - The company sells each drone for $475. Actual sales for November were 310 units and for December were 350 units. Projected sales for January are 340 units, 310 for February, 360 for March, and 340 for April.

2 - Sales are all on account and 65% of the cash for sales is collected in the month of sale, 25% is collected in the following month, and the remaining 10% is collected in the month after that.

3 - The company purchases enough units each month to cover the current months sales and maintain an ending inventory equal to 20% of the following months projected sales.

4 - Each unit costs the company $325. Inventory purchases are paid for in the month following purchase.

5 - The company is expected to incur and pay fixed operating expenses of $13,500 per month.

6 - On August 1, 2021, the company paid $6,000 for one years insurance coverage. Company Information

7 - Variable operating expenses are projected to be 9% of sales and are paid in the month incurred.

8 - Interest is paid monthly on the long-term loan at a rate of 6% per year. They are also required to make quarterly principal payments, the next is due at the end of March for $2,500.

9 - Equipment costing $28,000 will be purchased for cash at the beginning of January. All equipment is depreciated on a straight-line basis over 10 years with no residual value.

10 - You pay salaries totalling $3,000 each month. For simplicity, ignore all payroll tax implications.

11 - You sell 1,000 additional common shares to your uncle for $2.00 per share at the beginning of February.

12 - You will declare and pay a dividend of $5,000 at the beginning of February.

13 - Income tax expense for this small business is calculated at 22% of the earnings before taxes. The company pays income tax instalments of $1600 per month.

14 - The company must maintain a minimum cash balance of $8,000. A short-term loan is available to cover any shortfall. Interest is paid monthly on the previous month's loan balance at a rate of 12% per year.

15 - Any cash above the minimum available at month end is used to reduce any existing short-term loan. The interest for the short term debt should be calculated and shown separately from the long term debt. Both borrowings and repayments are assumed to occur at the beginning of the month.

Need help with the cash payment schedule, cash budget , income statement after December, retained earnings schedule, taxes, and march balance sheet no feb or jan.