Can you help me with the balance sheet for March 31, 20x1? I know it does not require the balance sheet but my professor asked us to do it for him. I tried to balance it but it appeared some mistakes and I don't know where. and here is the information you might need

137 138 139 140 Universal Electronics Balance Sheet March 31, 20x1 141 142 143 144 145 146 Cash Accounts receiveable Inventory Buildings and equipment (net of accumulated depreciation) Total assets $ 29,000 365,370 186.340 676,000 $1,256,710 147 $ 223,608 12,500 148 149 150 151 3,600 Accounts payable Bond interest payable Property taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 300,000 500,000 257,956 $1.297.664 152 153 154 155 156 a. Sales budget: $ Total sales Cash sales Sales on account December $ 400,000 100,000 300,000 January February $ 440,000 $ 484,000 110,000 121,000 L 330,000 L 363,000 March $ 532,400 133,100 399,300 First Quarter 1,456,400 364,100 1,092,300 b. Cash receipts budget: Cash sales Cash collections from credit sales (current month) Cash collections from credit sales (previous month) Total cash receipts January February March $ 110,000 $ 121,000 $ 133,100 $ 33,000 36,300 39,930 | 270,000L 297,000 326,700 L $ 413,000 / $ 454,300 / $ 499,730 $ First Quarter 364,100 109,230 893,700 1,367,030 c. Purchases budget: Budgeted cost of goods sold Add: Desired ending inventory Total goods needed Less: Expected beginning inventory Purchases December $ 280,000 154,000 $ 434,000 140,000 $ 294,000 January $ 308,000 169,400 $ 477,400 154,000 $ 323,400 February March $ 338,800 $ 372,680 | $ 186,340 186,340 $ $ 525,140 $ 559,020 $ 169,400 I 186,340 $ 355,740 / $ 372,680 $ First Quarter 1,019,480 542,080 1,561,560 5 09,740 1,051,820 d. Cash disbursements budget: First Quarter January February March $ $ Inventory purchases: Cash payments for purchases (current month) Cash payments for purchases (previous month) Total cash payments for inventory purchases 129,360 176,400 305,760 142,296 194,040 336,336 $ 149,072 213,444 $ 362,516 $ $ $ 420,728 583,884 1.004.612 $ $ $ $ $ 21,000 16,000 21,000 15,000 21,000 16.000 21,000 21.000 16,000 21,000 Other expenses: Sales salaries Advertising and promotion Administrative salaries Interest on bonds Property taxes Sales commissions Total cash payments for other expenses Total cash disbursements $ $ $ 63.000 48,000 63,000 15,000 5,400 14,564 208,964 1,213,576 - P 4,400 $ 77,400 $ $ 383,160 1 $ 5,400 4,840 68,240 404,576 5,324 ($ $ 63,324 $ $ 425,840 $ AA e. Summary cash budget: $ $ January $ 413,000 383,160 $ 29,840 15,000 100,000 125,000 February 454,300 404,576 49,724 March $ 499,730 425,840 $ 73,890 $ $ Cash receipts Cash disbursements Change in cash balance during period due to operations Sale of marketable securities Proceeds from bank loan Purchase of equipment Repayment of bank loan Interest on bank loan Payment of dividends Change in cash balance during first quarter Cash balance, 1/1/X1 Cash balance, 3/31/x1 First Quarter 1,367,030 1,213,576 153,454 15,000 100,000 125,000 100,000 $2.500.00 50,000 1 (9,046) 29,000 19,954 100,000 $2,500.00 50,000 f. Analysis of short-term financing needs: Projected cash balance as of December 31, 20x0 Less: Minimum cash balance Cash available for equipment purchases Projected proceeds from sale of marketable securities Cash available Less: Cost of investment in equipment Required short-term borrowing $ 29,000 19,000 $ 10,000 15,000 $ 25,000 125,000 $ (100,000) Universal Electronics Budgeted Income Statement for the First Quarter of 20x1 $1,456,400 1,019,480 $ 436,920 $ Sales revenue Less: Cost of goods sold Gross margin Selling and administrative expenses: Sales salaries Sales commissions Advertising and promotion Administrative salaries Depreciation Interest on bonds Interest on short-term bank loan Property taxes Total selling and administrative expenses Net income 63,000 14,564 48,000 63,000 25,000 15,000 $2,500.00 5,400 236,464 $ 200,456 h. Universal Electronics Budgeted Statement of Retained Earnings for the First Quarter of 20x1 Retained earnings, 12/31/XO Add: Net income Deduct: Dividends Retained earnings, 3/31/x1 $ 107,500 200,456 50,000 $ 257,956 Data input: Projected Balance Sheet as of December 31, 20x0 Cash $ 29,000 Accounts receivable 276,000 Marketable securities 15.000 Inventory 154.000 Buildings and equipment (net of depreciation) 626,000 Total assets $1,100,000 Projected sales for December Credit sales percent Percent collected during month of sale $ 400,000 75% 10% Cost of goods sold percent of sales Percent of purchases paid during month of purchase Ending inventory as percent of next month's Proj. COGS 70% 40% 50% Accounts payable Bond interest payable Property taxes payable Bonds payable (10%; due in 20x6) Common stock Retained earnings Total liabilities and stockholders' equity $ 176,400 12,500 3,600 300,000 500,000 107,500 $1,100,000 Other monthly expenses: Sales salaries Advertising and promotion Administrative salaries Depreciation Interest on bonds Property taxes Sales commission, percent of sales 21,000 16,000 21,000 25,000 2,500 900 1% Expected monthly increase in sales (1st quarter) 10% $ Proposed equipment investment Minimum cash balance Minimum time for short-term loan (months) Projected short-term interest rate 125.000 19,000 3 10% Proposed dividend payment 50,000 ACG 3341 Master Budget Project Instructions Universal Electronics is a small, rapidly growing wholesaler of consumer electronic products. The firm's main product lines are small kitchen appliances and power tools. The general manager of marketing has completed the sales forecast. She believes the sales during the first quarter of 20x1 will increase by 10% each month over the previous month's sales. Then she expects sales to remain constant over the next several months. The company's projected balance sheet as of December 31, 20x0 is as follows: Cash Accounts receivable Marketable securities Inventory Buildings and equipment Total assets $29,000 276,000 15,000 154,000 626,000 $ 1,100,000 Accounts payable Bond interest payable Property taxes payable Bonds payable (10% due 20x6) Common Stock Retained earnings Total liabilities and stockholder's equity $ 176,400 12,500 3,600 300,000 500,000 107,500 $1,100,000 Dana Butz, the controller, is now preparing the monthly budget for the first quarter of 20x1. In the process, the following information has been accumulated: 1. Projected sales for December 20x0 are $400,000. Credit sales are typically 75% of the total sales. The company's credit experience indicates that 10% of the credit sales is collected during the month of the sale, and the remainder collected the following month. 2. The company's cost of goods sold is generally 70% of sales. Inventory is purchased on account and 40% of each month's purchases are paid during the month of the purchase. The remainder is paid during the following month. To have adequate stocks of inventory on hand, the firm attempts to have inventory at the end of each month equal to half of the next month's projected cost of goods sold. 3. Dana has estimated the Universal Electronics' other monthly expenses will be as follows: Sales salaries Advertising and promotion Administrative salaries Depreciation Interest on bonds Property taxes $21,000 $16,000 $21,000 $25,000 $2,500 $900 In addition, sales commissions run at the rate of 1% of sales. 4. Universal Electronics president Reggie Shouse has indicated that the firm should invest $125,000 in an automated inventory handling system to control the movement of inventory in the firm's warehouse just after the new year begins. The equipment purchase will be funded primarily from the firm's cash and marketable securities. However, Shouse believes that the company should keep a minimum cash balance of $19,000. If necessary, the remainder of the equipment purchases will be financed using short-term credit from a local bank. The minimum period for such a loan is three months. Dana believes that the short-term interest rates will be 10% per year at the time of the equipment purchases. If a loan is necessary, Shouse has decided it should be paid off by the end of the first quarter, if possible. 5. Universal Electronics' board of directors has indicated its intention to declare and pay dividends of $50,000 on the last day of the first quarter, if possible. 6. The interest on any short-term borrowing will be paid when the loan is repaid. Interest on the company's bonds is paid semi-annually on January 31 and July 31 for the preceding six-month period. 7. Property taxes are paid semiannually on February 28 and August 31 for the preceding six-month period. Prepare Universal Electronics' master budget for the first quarter of 20x1 using the template provided in Canvas