Can you please assist with this problem I have for my accounting class? it would be helpful if you could explain the process of how you got the answer. Thank you.

Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash $ 21, 500 Accounts receivable 520,000 Inventory 142, 500 Equipment $ 624, 000 Less: Accumulated depreciation 78, 000 Equipment, net 546, 000 Total assets $ 1, 230, 000 Liabilities and Equity Liabilities Accounts payable $ 340, 000 Loan payable 13, 000 Taxes payable (due March 15) 90 , 000 $ 443 , 000 Equity Common stock $ 474, 000 Retained earnings 313 , 000 Total stockholders' equity 787, 000 Total liabilities and equity $ 1, 230, 000 To prepare a master budget for January, February, and March, use the following information.DIMSDALE SPORTS CO. Cash Budget January February March Beginning cash balance Add: Cash receipts from sales Total cash available Less Cash payments for: Merchandise purchases Purchases of equipment Purchase of land General & administrative salaries Merchandise purchases Sales commissions Sales salaries Loan interest Taxes Total cash payments 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balanceLoan balance January February March Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of monthBudgeted income statement for the entire first quarter (not for each month). (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Income Statement For Three Months Ended March 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Sales salaries, expense General administrative salaries expense Maintenance expense Depreciation expense Loan interest expense Total operating expenses Income before income taxes Income taxes expense4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budge merchandisers. 5. Capital expenditures budgets. 6. Cash budgets. 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Sales budgets. DIMSDALE SPORTS Sales Budget January February March Totals Budgeted sales units 7,500 $ 8,750 11,000 27,250 Selling price per unit 55 $ 55 $ 55 $ 165 Total budgeted sales 412,500 $ 481,250 $ 605,000 $ 4,496,250For Three Months Ended March 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense Maintenance expense Depreciation expense Loan interest expense Total operating expenses Income before income taxes Income taxes expense Net income $Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Capital expenditures budgets. DIMSDALE SPORTS Capital Expenditures Budget January February March Equipment purchases Land purchase Total capital expendituresRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7. Required 8 General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. DIMSDALE SPORTS General and Administrative Expense Budget January February March Total General and administrative salaries Maintenance Total gen. and admin. expensesRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7. Required 8 Merchandise purchases budgets. DIMSDALE SPORTS Merchandise Purchases Budget January February March Budgeted sales units 7,500 8,750 11,000 Calculation of Desired ending inventory Next period budgeted sales units 55 55 55 Ratio of inventory to future sales Add: Desired ending inventory Total required units Less: Beginning inventory units Units to be purchased Cost per unit Cost of merchandise purchasesRequired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7. Required 8 Selling expense budgets. DIMSDALE SPORTS Selling Expense Budget January February March Budgeted sales Sales commission percent Sales commissions Sales salaries Total selling expensesDIMSDALE SPORTS CO. Budgeted Balance Sheet March 31 Assets Cash Accounts receivable Inventory Total current assets Land Equipment Less: Accumulated depreciation Equipment, Net Total assets Liabilities and Equity Liabilities Accounts payable Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equitya. The company's single product is purchased for $30 per unit and resold for $55 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 7,500 units, February, 8,750 units; March, 11,000 units; and April, 11,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $274,375; February, $721,994; March, $507,134. c. Cash payments for merchandise purchases are budgeted as follows: January, $65,000; February, $302,000, March, $163,200. d. Sales commissions equal to 20% of sales dollars are paid each month. Sales salaries (excluding commissions) are $8,000 per month. e. General and administrative salaries are $12,000 per month, Maintenance expense equals $2,100 per month and is paid in cash. f. New equipment purchases are budgeted as follows: January, $33,600; February, $96,000; and March, $26,400. Budgeted depreciation expense is January, $ 6,850, February, $7,850, and March, $8,125. g. The company budgets a land purchase at the end of March at a cost of $180,000, which will be paid with cash on the last day of the month. h. The company has an agreement with its bank to obtain additional loans as needed. The interest rate is 1% per month and interest is paid at each month-end based on the beginning-month balance. Partial or full payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $21,500 at the end of each month. i. The income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Required: Prepare a master budget for the months of January, February, and March that has the following budgets: 1. Sales budgets. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets.Required: Prepare a master budget for the months of January, February, and March that has the following budgets: 1. Sales budgets. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets. 6. Cash budgets. 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Sales budgets. DIMSDALE SPORTS Sales Budget January February March Totals Budgeted sales units 7,500 $ 8,750 11,000 27,250