help me on my case study

You have just been hired as a new management trainee by Bahrain Company, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold for the same price-511 per pair Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings) January (actual) 20200 June (budget) 50,200 February (actual) 26,200 July (budget) 30,200 March (actual) 40 200 August (budget) 28.200 April (budget) 65 200 September (budget) 25 200 May (budget) 100.200 The concentration of sales before and during May is due to Mother's Day Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month Suppliers are paid $4 10 for a pair of earrings One-hall of a month's purchases is paid for in the month of purchase, the other half is paid for in the following month All sales are on credit Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month and the remaining 10% is collected in the second month following sale Bad debts have been negligible Question Completion Status Monthly operating expenses for the company are given below Variable: Sales commissions 4% of sales Fixed: Advertising $ 210,000 Rent $ 19,000 Salaries 5 108.000 Utilities $ 7,500 Insurance 53.100 Depreciation $ 15.000 Insurance is paid on an annual basis in November of each year The company plans to purchase $16,500 in new equipment during May and $41000 in now equipment during Juno both purchases will be for cash. The company declares dividends of $15.750 each quarter payable in the first month of the following quarter The company's balance sheet as of March 31 is given below Assets Cash $75.000 Accounts receivable ($28.820 February sales: $353 760 March sales) 382580 Inventory 106,928 Prepaid insurance 21 500 Property and equipment (net) 950 000 Total assets 51.546,008 Question Completion Status Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholders' equity S 101 000 15,750 820,000 609 258 51.545008 The company maintains a minimum cash balance of $51,000 All borrowing is done at the beginning of a month any repayments are made at the end of a month The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1 000), while still retaining at least $51,000 in cash Required: You are required to prepare a master budget in excel file for the three month period ending June 30. Include the following detailed 1. A sales budget by month and in total 2. A schedule of expected cash collections by month and in total 3. A merchandise purchases budget in units and in dollars Show the budget by month and in total 1A Schedule of expected cash disbursements for merchandise purchases by month and Question Completion Status: in total 5. A cash budget Show the budget by month and in total Determine any borrowing that would be needed to maintain the minimum cash balance of $51,000 6 A budgeted income statement for the three-month period ending June 30 Use the contribution approach. 7. A budgeted balance sheet as of June 30 In preparing your answers in the excel file you should generally design the excel file to include the following sheets Budget launch page (content page) Beginning balance budget Budgeting assumptions Sales budget Schedule expected cash collections Merchandise purchases budget Schedule expected cash disbursements Cash budget Budgeted income statement Budgeted balance sheet Relevant explanations of your calculations . Include your name & ID in the header Note: There will be marks for making your workbook interactive for example (links that take you to the other worksheets) as well as proper and neat presentation College of Business Administration Policy All work presented for assessment is expected to be student's own & onginal work. The college of Business Administration expects of all students. honest and meticulous acknowledoement of all sources of materials used Cheating: There is no excuse for, or sympathy given to students who cheat. A student found guilty of cheating in examinations or assignments, eg copying from another student's assignment in part or in total, will be dealt with under the Academic Regulations on Students Misconduct Bylaws, UOB