Hello, I just need help on REQ 7-8 Information is provided below, thank you!

Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. Cash $ 713,500 DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets $36.000 Accounts receivable 520,000 Inventory 157,500 Total current assets Equipment 540,000 Less: Accumulated depreciation 67,500 Equipment, net Total assets Liabilities and Equity Accounts payable $ 355,000 Bank loan payable 13,000 Taxes payable (due 3/15/2020) 90,000 Total liabilities Common stock 473,000 Retained earnings 255,000 Total stockholders' equity Total liabilities and equity 472,500 $ 1,186,000 $ 458,000 728,000 $ 1,186,000 To prepare a master budget for January, February, and March of 2020, management gathers the following information. a. The company's single product is purchased for $30 per unit and resold for $56 per unit. The expected inventory level of 5,250 units on December 31, 2019, is more than management's desired level, which is 20% of the next month's expected sales (in units). Expected sales are January, 7,500 units; February, 9,000 units; March, 10,750 units; and April, 10,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 57% is collected in the first month after the month of sale and 43% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $130,000 is collected in January 2020 and the remaining $390,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2019, accounts payable balance, $70,000 is paid in January 2020 and the remaining $285,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $84,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. f. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, S40,800; February, $100,800; and March, $24,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased. g. The company plans to buy land at the end of March at a cost of $165,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $37,000 at the end of each month. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly sales budgets. DIMSDALE SPORTS CO. Sales Budget For January, February, and March 2020 Budgeted Unit Budgeted Budgeted Total Sales Unit Price Dollars January 7,500 $ 56 420,000 February 9,000 56 504,000 March 10,750 56 602,000 Totals for the quarter 27,250 1,526,000 References Eynanded table Difficult 3 Hard 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly merchandise purchases budgets. DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January 9,000 10,750 February Total March 10,000 20% 20% 20% 1,800 2,150 2,000 9,000 10.750 Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending Inventory (units) Budgeted units sales for month Required units of available merchandise Beginning inventory (units) Units to be purchased Budgeted cost per unit Budgeted merchandise purchases 11,150 12,750 7,500 9,300 5,250 4,050 2,150 1,800 9,350 10.600 24,000 $ 30 $ 30 $ 30 30 $ 121,500 $ $ 280,500 $ 318,000 $ 720,000 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly selling expense budgets. Total Budgeted sales Sales commission percent Sales commissions Sales salaries Total budgeted selling expenses DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February $ 420,000 $ 504,000 $ 20% 20% 84.000 100,800 7.000 7,000 $ 91,000 $ 107,800 $ March 602,000 20% 120,400 $ 7,000 127,400 $ 305,200 21.000 326.200 References 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly general and administrative expense budgets. March Total S 681,600 Equipment - beginning of month Equipment purchases Equipment - end of month Monthly depreciation expense January February $ 540,000 $ 580,800 40,800 100,800 $ 580,800 681,600 $ 6,050 $ 7,100 24,000 705,600 $ S S 7,350 $ 20,500 Total Depreciation expense Salaries expense Maintenance expense DIMSDALE SPORTS CO. General and Administrative Expense Budget January, February, and March 2020 January February March $ 6,050 $ 7,100 S 7,350 $ 12,000 12,000 12,000 2,100 2,100 2,100 $ 20,150 $ 21,200 S 21.450 $ 20,500 36.000 6,300 Total 62,800 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly capital expenditures budgets. DIMSDALE SPORTS COMPANY Capital Expenditures Budget January, February, and March 2020 January February $ 40,800 $ 100,800 $ 0 $ 0 $ 40,800 $ 100,800 $ Total 165,600 Equipment purchases Land purchase March 24,000 $ 165,000 189,000 $ 165,000 330,600 Total Required 4 Required 6 Calc > References Expanded table Difficulty: 3 Hard Problem 07-8AA Merchandising. Pronaration of Learning Objective: 07-P4 Appendix 7A- Pronare each comoonent of a master Calculation of Cash receipts from customers: March January February 7,500 9,000 56.00 $ 56.00 $ 10.750 $ 56.00 Sales in units Selling price per unit Total budgeted sales Cash sales $ 420,000 $ 504,000 $ 25% 126,000 105,000 315,000 602,000 150,500 451,500 Sales on credit 75% $ $ 378,000 $ March 31 -Collected in--- February Total January March Receivable $ 520,000 $ 130,000 $ 390,000 Accounts Receivable - January 1 Credit sales from: January 315,000 $ 179,550 $ $ 0 135,450 215,460 February 378,000 $ 162,540 451,500 451,500 March Total collection of receivables $ 130,000 $ 569,550 $ 350,910 $ 614,040 March Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers January February $ 105,000 $ 126,000 $ 130,000 569,550 $ 235,000 $ 695,550 $ 150,500 350,910 501,410 Calculation of payments for merchandise: March January 1,800 February 2,150 $ Desired ending inventory (units) $ $ 2,000 Calculation of payments for merchandise: January February March 1,800 $ 2,150 $ 2,000 7,500 $ 9,000 $ 10,750 9,300 11,150 12,750 Desired ending inventory (units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases 5,250 1,800 2,150 4,050 9,350 10,600 30 $ 30 $ 30 121,500 $ 280,500 $ 318,000 --Paid in- March 31 Total January February March Payable $ 355,000 $ 70,000 $ 285,000 Accounts Payable - January 1 Merchandise purchases in: January 121,500 24,300 $ 97,200 $ 0 February 280,500 56,100 224,400 March 318,000 318,000 Total cash paid for merchandise 70,000 $ 309,300 $ 153,300 $ 542,400 Budgeted balance sheet as of March 31, 2020. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31, 2020 Assets Cash $ 37,000 Accounts receivable 614,040 60,000 Merchandise Inventory Total current assets $ 711,040 Land 0 Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity