Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31, $ 20,5 520,000 105, eBook DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash Accounts receivable Twentory Equipment $ 525,000 Less: Accumulated depreciation Go00 Equipeent, cet Total assets Latities and Equity Llabilities Accounts payable $ 350.00 Loan payable 11,000 Taxes payable (e Mar 15) 90.000 quity Co Stock $ 474.00 Retning 17210 Total tocicholdet Total tilities and equity 462 de 5 1.107.5e Ferences $450.000 31.070 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 $59 pern The inventory level of 5,250 units on December 31s more than management's desired level wichs 20of the next month buageredu Budgeted sales are January, 7500 units February. 9.500 units: March 10750 units and A500 Arendredi b. Cash receipts from ses are budgeted as follow January 279.875 February272079. MC5557994 c. Cash payments for merchandise purchases are budgeted as follow any $60.000 ebruary $800. Mar 05 400 d. Sales commissions out 20% of sales dolor repaid each month Saag.coma 6.500 per month e General and ministrative salaries are $3.000 per month Mart 2.000 per month and din cash 1. New equipment purchases are buggated as follow our $38.400 556000 Mare $26.400 Bugeted depreciation expenses January $6.900. February $6.900 and March 9. The company budgets and purchase as the end of March cost of $145.000 which we band wacht day of the month The company has an agreement with bank to obtain additional and neededoronth and interestis bald at each month and based on the beginning mot balance Pardal by or on the last day of the month. The company maintains a minimum nang chance of $20.500 orang The income tax rate for the commonly 27 Income taxes on the quarter since w Required Pre master budget for the month of January February March 1. Slot budgets 2. Machete Duo 2. Saling band A Gronomie expense budou contrative budget for marchard 5. Content budget 6. Cath budo 7. Bu incremento no monended March Budgeted acestora Co DIMSDALE SPORTS CO. Cash Budget January February March Beginning cash balance Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance January February March Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month