Dimsdale Sports, a merchandising company, reports the following balance sheet at December $31.$

To prepare a master budget for January, February, and March, use the following information.

a$.$ The company's single product is purchased for $$30$ per unit and resold for $$55$ per unit. The inventory level of $5,000$ 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, $7,000$ units; February, $9,000$ units; March, $11,000$ units; and April, $10,000$ units. All sales are on credit.

b$.$ Cash receipts from sales are budgeted as follows: January, $$221,250$; February, $$697,000$; March, $$489,500.$

c$.$ Cash payments for merchandise purchases are budgeted as follows: January, $$80,000$; February, $$302,800$; March, $$147,600.$

d$.$ Sales commissions equal to $20\%$ of sales dollars are paid each month. Sales salaries $($excluding commissions$)$ are $$5,000$ per month.

e$.$ General and administrative salaries are $$12,000$ per month. Maintenance expense equals $$2,000$ per month and is paid in cash.

f$.$ New equipment purchases are budgeted as follows: January, $$36,000$; February, $$96,000$; and March, $$28,800.$ Budgeted depreciation expense is January, $$6,000$; February, $$7,000$; and March, $$7,300.$

g$.$ The company budgets a land purchase at the end of March at a cost of $$150,000,$ 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 $$25,000$ at the end of each month.

i$.$ The income tax rate for the company is $40\%.$ 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 purchase budgets.

$3.$selling expense budgets.

$4.$general and administrative expense budgets.

$5.$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 $31.$

This is Acccounting, Thank you.