Below you can find a balnce sheet for the ABC company, a clothing retailer depicting its financial position on the 31st of August ABC company Balance Sheet 31-Aug-19 Assets Cash Marketable securities Inventory Accounts receivable (due in September 2019) Property and Equipment Accumulated Depreciation Property and Equipment, net Total Assets Liabilities and Stockholders' Equity Accounts payable (due in September 2019) Notes payable (due in september 2019) Capital (par value + excess of par value) Retained earnings Total L + SE 5000 5000 25000 72000 600000 100000 500000 607000 90000 15000 425000 77000 607000 You are the financial manager of the ABC company and are given a task of doing the following: 1 Prepare the schedule of cash collections for September 2 Prepare the schedule of cash disbursements for September 3 Prepare a cash budget for September 4 Prepare a budgeted income statement for September 5 Prepare a balance sheet as of the 30th of September You must show your calculations. I need to see the formulas if I click on a number or a note next to it This is the information you were able to gather to help in your calculations 1 You expect to make sales in the amount of 260000 during the month of September 26 % of these sales will be made in cash, all the rest will fall into accounts receivable 50 % of the credit sales are collected within the same month, and the rest is usually collected during the next month 2 All the inventory purchases made by ABC company are always made on account 35 % of those purchases/accounts payable are paid within the same month 65 % of those purchases/accounts payable are paid within the next month 0 % of those purchases/accounts payable are paid within the third month It is estimated that the ABC company will need to purchase 200000 USD worth of inventory 3 ABC company anticipates that it will finish September with a 40000 USD inventory balance in its store 4 You expect to incur the following (all in cash) expenses in September Salaries expense 20000 Utilities expense 20000 Rent expense 10000 Interest expense 500 Depreciation expense 2000 5 Company wants to buy some new shelves and displays in September. It will cost 9000 USD 6 The company believes it will need a some money for purchasing new furniture in the fall Therefore it decided to borrow 18000 USD from a credit union for 9 months in the middle of September 7 The company does not anticipate to pay dividends in the near future