Can you help me to prepare the budgeted income statement, the schedule of collections for sales and cash budget (for the first quater from january to march)

please show works

thanks

REQUIREMENTS: 1) Sales Budget 2) Production Budget 3) Direct Materials Purchases Budget 4) Direct Labour Cost Budget 5) Factory Overhead Cost Budget 6) Selling and Administrative Expenses Budget 7) Budgeted Income Statement 8) Schedule of Collections from Sales 9) Schedule of Payments for Manufacturing Costs 10) Cash Budget All budgets should be for the individual three (3) months of the first quarter of 2017. Include a quarterly total column on the right side. (except for #7 and #10) Each budget/requirement should be in a separate tab within one spreadsheet. All pages should be in portrait format using the same font type and size. Please staple the printed copy in the upper left corner. Treat this as you would any other professional document you are presenting to a client or employer. Use proper rounding and show two (2) decimal places of accuracy on dollar amounts. Round up and show whole amounts on all other figures. Hint:Excel provides functions for rounding.

VETTEL MANUFACTURING, INC.
BALANCE SHEET
December 31, 2016
ASSETS
Cash					$ 25,711.00
Marketable Securities					$ 20,000.00
Accounts Receivable					$ 650,735.24
Interest Receivable					-
Inventories:
Direct Materials				$ 7,193.94
Work in Process				-
Finished Goods				$ 86,385.60	$ 93,579.54
Total Current Assets					$ 790,025.78
Property, Plant and Equipment				$ 844,200.00
Less: Accumulated Depreciation				$ (318,600.00)
Total Property, Plant and Equipment					$ 525,600.00
Total Assets					$ 1,315,625.78
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts Payable					$ 5,755.15
Interest Payable					-
Income Tax Payable					-
Short Term Borrowings					-
Total Current Liabilities					$ 5,755.15
Long-Term Notes Payable					$ 436,000.00
Total Liabilities					$ 441,755.15
Common Stock ($5.00 Par)				$ 475,000.00
Paid in Capital				$ 100,000.00
Retained Earnings				$ 298,870.63
Total Stockholders Equity					$ 873,870.63
Total Liabilities and Stockholders Equity					$ 1,315,625.78

1. Sales 2016 Actual Sales 2017 Estimated Sales Nov Dec Jan Feb Mar Apr May Units 7,835 7,970 7,450 7,090 8,320 9,070 10,120 The selling price per unit has remained constant for the past year and is expected to remain unchanged throughout the first quarter of 2017 at an amount of $68.99 2. Cash Collection Policy Total sales consist of the following: Cash sales: 5% Credit sales: 95% Credit collections are as follows: In the month following the month of sale: 75% In the second month following the month of sale: 25% The Company does not have any bad debts. 3. Production Policy The Company's policy is to produce during each month, enough units to meet the current month's sales as well as a desired inventory at the end of the month which should be equal to 23% of next month's estimated sales. On December 31, 2016, the finished goods inventory consisted of 1,714 units at a cost of $50.40. 4. Direct Materials Purchasing Policy Each month the Company purchases enough direct materials to meet that month's production requirements and an amount equal to 25% of the next month's estimated production requirements. Each unit of finished product requires 2.83 pounds of direct materials at a cost of $1.38 per pound. On December 31, 2016, the direct materials inventory consisted of 5,213 lbs. at a cost of $1.38. Payments are made as follows: In the month of purchase: 80% In the following month the balance: 20% The accounts payable balance of $5,755.15 as of December 31, 2016, represents 20% of purchases made in December 2016 to be paid in January 2017. 5. Direct Labor Costs Direct labor hours required per unit of finished product: 1.75 Average rate per direct labor hour: $12.25 6. Factory Overhead The Company applies variable factory overhead cost at the rate of 120% of direct labor cost and fixed factory overhead on the basis of the number of direct labor hours. The company has the following fixed overhead expenses per month: Factory supervisor's salary $54,000.00 Factory rent 6,000.00 Factory insurance 6,500.00 Depreciation of factory equipment 600 All factory overhead costs, except depreciation, are paid for in cash during the month in which they are incurred. 7. Selling and Administrative Expenses Variable selling expenses are: Freight out $0.80 per unit Sales commissions 1% of sales Fixed selling and administrative expenses per month are: Salaries $8,700.00 Rent 1,800.00 Advertising 150 Insurance 250 Depreciation (excluding depreciation of computer to be purchased at the end of January 2017 10,050.00 8. Income Taxes Combined tax rate is 30% of Income before taxes computed at the end of the quarter ending March 31, 2017 , payable in the second quarter. 9. Capital Expenditures The Company expects to buy a new computer on January 31, 2017, for use in the sales and administrative offices at a cost of $180,000.00, which will be paid in cash. Monthly depreciation expense will be an additional $3,000.00 . 10. Financing Policy On March 31, 2017, the Company is scheduled to pay $300,000.00 , of the long-term notes payable plus interest expense for the first quarter at a rate of 12% With respect to short-term borrowing, the Company's policy is to borrow at the beginning of a month with an anticipated cash deficiency. A minimum cash balance of $25,000.00 is required of the end of each month. The Company repays the principal of such short-term borrowing at the end of the first following month to the extent of anticipated excess cash. Interest must be paid the following month at a rate of 12%. Borrowing and principal repayments are made in multiples of $1,000.00 . 11. Investing Policy Investments earn interest of the rate of 6% per annum which is credited to our Checking account by the bank at the beginning of the following month. You may assume that the balance of Marketable Securities at December 31, 2016, was outstanding throughout the entire month. 12. General Information Use proper rounding and show two (2) decimal places of accuracy on dollar amounts. Round up and show whole amounts on all other figures.

Vettel Manufacturing
Sales Budget
For the Quarter Ending March 31, 2017
	January	February	March		Quarter 1
Budgeted Sales (Units)	7450	7090	8320		22860
Selling Price Per Unit	$ 68.99	$ 68.99	$ 68.99		$ 68.99
Total budgeted sales	$ 513,975.50	$ 489,139.10	$ 573,996.80		$ 1,577,111.40

Vettel Manufacturing Production Budget For the Quarter Ending March 31, 2017 January February March Quarter 1 Forecasted Units Sold 7,450 7,090 8,320 22,860 Plus Desired Ending Inventory 1,631 1,914 2,087 2,087 Total 9,081 9,004 10,407 24,947 Less Estimated Beginning Units 1,714 1,631 1,914 1,714 Total Units to Produced 7,367 7,373 8,493 23,233

Vettel Manufacturing, Inc.
Direct Materials Purchases Budget
For the Quarter Ending March 31, 2017
		January	February	March			Quarter 1
Required Production Units		7,367	7,373	8,493	9311		23,233
Pounds of DM per Unit		2.83	2.83	2.83	2.83		2.83
		---------------------------------------------------------------------------------------					--------------------
Total DM Required for Production		$ 20,849.00	$ 20,866.00	$ 24,035.00	$ 26,350.13		$ 65,749.00
DM Purchases (75% of current month)		$ 15,636.75	$ 15,649.50	$ 18,026.25	$ 19,762.60		-
(25% of next month)		$ 5,216.50	$ 6,008.75	$ 6,587.53			-
Total DM Purchases		$ 20,853.25	$ 21,658.25	$ 24,613.78	-		$ 67,125.28
Unit Price		$ 1.38	$ 1.38	$ 1.38	-		-
		---------------------------------------------------------------------------------------					--------------------
DM Purchase Cost		$ 28,777.49	$ 29,888.39	$ 33,967.02	-		$ 92,632.89

Vettel Manufacturing, Inc.
Direct Labour Cost Budget
For the Quarter Ending March 31, 2017
			January	February	March		Quarter 1
Budgeted Units of Production			7367	7373	8493		23233
Direct Labor Hours Required Per Unit			1.75	1.75	1.75		1.75
			----------------------------------------------------------------------------------------------------				--------------------
Total Direct Hours Labor Required			12892	12903	14863		40658
Hourly Rate			$ 12.25	$ 12.25	$ 12.25		$ 12.25
			----------------------------------------------------------------------------------------------------				--------------------
Total Direct Labor Cost			$ 157,927.00	$ 158,061.75	182071.75		$ 498,060.50
			====================================				===========

Vettel Manufacturing, Inc.
Factory Overhead Cost Budget
For the Quarter Ending March 31, 2017
			January	February	March		Quarter 1
Fixed Factory Overhead:
Supervisor Salaries			$ 54,000.00	$ 54,000.00	$ 54,000.00		$ 162,000.00
Factory Rent			$ 6,000.00	$ 6,000.00	$ 6,000.00		$ 18,000.00
Factory Insurance			$ 6,500.00	$ 6,500.00	$ 6,500.00		$ 19,500.00
Depreciation of Factory Equipment			$ 600.00	$ 600.00	$ 600.00		$ 1,800.00
			----------------------------------------------------------------------------------------------------				--------------------
Total Factory Overhead Cost			$ 67,100.00	$ 67,100.00	$ 67,100.00		$ 201,300.00
			----------------------------------------------------------------------------------------------------				--------------------
Variable factory overhead			$ 189,512.40	$ 189,674.10	$ 218,486.10		$ 597,672.60
			----------------------------------------------------------------------------------------------------				============
Total Factory Overhead Cost			$ 256,612.40	$ 256,774.10	$ 285,586.10		$ 798,972.60

Vettel Manufacturing, Inc.
Selling and Administrative Expenses Budget
For the Quarter Ending March 31, 2017
				January	February	March		Quarter 1
Sales Units				7,450	7,090	8,320		22,860
Sales				$ 513,975.50	$ 489,139.10	$ 573,996.80		$ 1,577,111.40
				----------------------------------------------------------------------------------------------------				--------------------
Variable Selling and Administrative Expenses:
Freight Out ($0.80 per unit)				$ 5,960.00	$ 5,672.00	$ 6,656.00		$ 18,288.00
Sales Commissions (1% of sales)				$ 5,139.76	$ 4,891.39	$ 5,739.97		$ 15,771.11
				----------------------------------------------------------------------------------------------------				--------------------
Total Variable Selling and Administrative Expenses				$ 11,099.76	$ 10,563.39	$ 12,395.97		$ 34,059.11
				----------------------------------------------------------------------------------------------------				--------------------
Fixed Selling and Administrative Expenses:
Salaries				$ 8,700.00	$ 8,700.00	$ 8,700.00		$ 26,102.00
Rent				$ 1,800.00	$ 1,800.00	$ 1,800.00		$ 5,402.00
Advertising				$ 150.00	$ 150.00	$ 150.00		$ 452.00
Insurance				$ 250.00	$ 250.00	$ 250.00		$ 752.00
Depreciation				$ 10,050.00	$ 13,050.00	$ 13,050.00		$ 36,150.00
				----------------------------------------------------------------------------------------------------				--------------------
Total Fixed Selling and Administrative Expenses				$ 20,950.00	$ 23,950.00	$ 23,950.00		$ 68,850.00
				----------------------------------------------------------------------------------------------------				============
Total Selling and Administrative Expenses				$ 32,049.76	$ 34,513.39	$ 36,345.97		$ 102,909.11