Help, I need a balance sheet for the info in the picture, I have parts of it but want to double check the whole deal.

Use your excel spreadsheet , completed as part of Question 1, to complete the following budgets for Admire Company.

Budget h. Income statement for the quarter ended December 21, Year1.

Budget i. Balance sheet as of December 31, Year1.

Note: This is one large problem so for full credit all answer boxes must be correct at the same time. If you choose Resubmit from the bottom of the page, you will only need to input the numbers you want to change. Submit or resubmit until they are all correct.

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Income statement

Input expenses as negatives. Use a minus sign in front of the number.

Sales revenue
Cost of goods sold
Gross margin
S&A expenses
Operating income
Interest expense
Net income

Balance Sheet

Enter any contra-assets as negative numbers. Use a minus sign.

Assets
Cash
Accounts receivable
Inventory
Store fixtures
Accumulated depreciation
Total assets
Liabilities
Accounts payable
Utilities payable
Sales commissions payable
Line of credit liability
Total liabilities
Equity
Common stock
Retained earnings
Total equity
Total liabilities and equity

Ja. Sales Budget Cash sales Sales on account Total budgeted sales October November December Total-Qtr 135000 162000 194400 491400 165000 198000 237600 600600 300000 360000 432000 1092000 f. Cash payments for S&A October November DecemberTotal-Qtr Salary expense 28200 2820028200 84600 Sales commissions 0 15000 18000 33000 Supplies expense 6000 7200 86401 8640 21840 Utilities 2600 2600 Depreciation on store fixtures ol ol Rent 111000 11000 11000 33000 Miscellaneous 3500 3500 3500 10500 Total payments for S&A expenses 48700 6 7500 71940 188140 2600 5200 b. Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections October November December Total-Qtr 135000 162000 194400 491400 0 165000 198000 363000 135000 327000 392400 854400 c. Inventory Purchases Budget Budgeted cost of goods sold (60% of sales) Plus desired ending inventory (10% of next month COGS) Inventory needed Less beginning inventory Required purchases (on account) December = 250000*0.6*0.1 October November DecemberTotal-Qtr 180000 216000 259200 655200 21600 25920 15000 15000 201600 241920 274200 670200 021600259200 2160 25920 201600 | 220320 248280670200 October November December Total-Qtr o 16620 1620 500000 0 50000 135000 3 27000) 392400 854400 185000 343620 408704 904400 2165761 675001 g. Cash Budget Beeinning cash balance Issuance of stock Collections from customers Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense** Total budgeted payments Cash balance before borrow/repay Financing activity Borrowing (repayment) Ending cash balance d. Cash payments for inventory Payment of current month's A/P Payment for prior month's A/P Total budgeted payments October November December Total-Qtr 161280 176256 198624 536160 0 40320 4 4064 84384 161280 216576 242688 620544 161280 48700 182400 ol ol 392380 -207380 0 22401 286316 57304 242688 71940 0 28000 1830 344458 64246 620544 188140 182400 28000 4070 1023154 -118754 2240001 166201 - 41000 16304 48000 16246 135000 16246 e. Selling and Admin.Expense Budget Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses October November December Total-Qtr 28200 28200 2 8200 84500 15000 18000 216001 54600 6000 7200 8640 21840) 2600 2600 26001 78001 4400 4400 4400 13200 11000 11000 11000 33000 3500 3500 3500 10500 70700 74900 79940 225540 November=2240001% December=(224000-41000)*1% 4 . Sheet1469 Sheet1 470 Sheet1471 Sheet1 472 Sheet1473 Sheet1474 Sheet1475 Sheet1476 14 TL US 20/04/2018