Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31 $ 22,000 520,000 90,000 472,500 $ 1,104,500 DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash Accounts receivable Inventory Equipment $ 540,000 Less: Accumulated depreciation 67,500 Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable $ 345,000 Loan payable 13,000 Taxes payable (due March 15) 90,000 Equity Common stock $ 470,500 Retained earnings 186,000 Total stockholders' equity Total liabilities and equity $ 448,000 656,500 $ 1,194,500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $20 per unit and resold for $58 per unit. The inventory level of 4.500 units HE 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 Requir Selling expense budgets. DIMSDALE SPORTS Selling Expense Budget January February March Budgeted sales Sales commissions Required 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 budg merchandisers. DIMSDALE SPORTS General and Administrative Expense Budget January February March Total Total gen. and admin. expenses Complete this question by entering your answers in the tabs below. Required 7 Required 4 Required 5 Required 6 Required 8 Required 2 Required 3 Required 1 Capital expenditures budgets. DIMSDALE SPORTS Capital Expenditures Budget January February March es Total capital expenditures Cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Cash Budget January February March Beginning cash balance Total cash available Less: Cash payments for: Total cash payments 0 0 Prev Navt 0 0 0 Total cash payments Preliminary cash balance Ending cash balance Loan balance January February March Ees Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month DIMSDALE SPORTS CO. Budgeted Income Statement For Three Months Ended March 31 Selling, general and administrative expenses 0 Total operating expenses 0 Budgeted Balance Sheet March 31 Assets Total current assets Equipment, Net Total assets Liabilities and Equity Liabilities Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity