Help please!

1. Can someone please review the work I already did? I feel like there is a mistake or two somewhere.

2. Can someone please help me create the budgeted balance sheet as of March 31, 2018? I really appreciate it.

Thank you.

Solve the given problem based on the following scenario The managers of Crouch Corp. need you to create the master budget for the months of January, February, and March of 2018 Crouch Corp. Estimated Balance Sheet (as of December 31, 2017) Assets ($) Cash Accounts receivable Inventory Total current assets Equipment Less accumulated depreciation Net equipment 32,400 472,500 135,000 639,900 486,000 60,750 425,250 1,065,150 Total assets Liabilities and Equity ($) Accounts payable Bank loan payable Taxes payable (due 3/15/2018) Total liabilities Common stock Retained earnings Total stockholders' equity 324,000 13,500 81,000 418,500 425,250 221.400 646,650 1,065,150 Total liabilities and equity Use the following data to prepare the master budget A single product of Crouch Corp. can be purchased for $25 per unit and resold for $50 per unit The anticipated inventory level on December 31, 2017, is 2,500 units This is actually more than its desired level for 2018, which is 20% of January's projected sales (in units). Projected sales are 5,250 units for January .6,750 units for February .8,250 units for March .7,500 units for April The total sales consists of 25% cash sales and 75% credit sales 60% of credit sales is collected in the first month after the sale, and 40% is collected in the second month after the sale $112,500 of the accounts receivable balance for December 31, 2017, is collected in January and $360,000 is collected in February 20% of the payment for merchandise purchases is made one month after the purchase, and 80% is made in the second month $72,000 of the balance of accounts payable for December 31, 2017, is paid in January, and $252,000 is paid in February Salaries for salespersons average $45,000 per year. In addition to this, a sales commission equal to 20% of each salesperson's sales is paid on a monthly basis Salaries for general administrative staff average $108,000 per year Each month, $1,500 is paid for maintainance expenses . The December 2017 balance sheet reflects an equipment purchase in January 2017 Using the straight-line method, depreciation will occur over 8 years, with no salvage value. A full month's depreciation is recognized in the month in which the asset is purchased Crouch Corp Sales Budgets January, February, and March 2018 Budgeted Total Dollars $262,500 $337,500 Budgeted Units Budgeted Unit Price January February March Quarter Total 5,250 $ 6,750 $ 8,250 $ 20,250$ 50 50 50 $ 412,500 50 $1,012,500 Crouch Corp Merchandise Purchases Budgets January, February, and March 2018 January February 6,750 March Total Projected Unit Sales Plus Desired Ending Inventory (20% of next month's projected sales) Total Inventory Need Less Beginning Inventory Required Purchases Cost of Purchases ($25 per unit) 5,250 8,250 20,250 1,350 6,600 2,500 4,100 1,650 8,400 1350 7,050 176,250 1.500 9,750 1650 8,100 4,500 24,750 5,500 19,250 481,250 102,500 202,500 Crouch Corp Selling Expenses Budget January, February, and March 2018 January February 67,500 45,000 March Variable Expenses commission Expense (20% of sales) Fixed Expenses Salaries for Salespersons Total Selling Expenses Total 202,500 315,000 52,500 82,500 45,000 97,500 45,000 127,500 112,500 517,500 Crouch Corp General and Administrative Expenses Budget January, February, and March 2018 February 9,000 1,500 10,500 January March Total Salaries for General Administrative Staff Maintainance Expense Total General and Administrative Expens 9,000 1,500 10,500 9,000 1,500 10,500 27,000 4,500 31,500 *Depreciation expense calculations Annua Depreciation Expense Janua Februa Total 60,750 3,375 9,000 2,700 75,825 March 5,063 281 750 225 Equipment Jan 17 Equipment Jan 18 Equipment Feb 18 Equipment Mar 18 Total Depreciation 5,063 281 5,063 281 750 15,188 844 1,500 225 17,756 5,344 6,094 6,319 Crouch Corp Capital Expenditures Budget January, February, and March 2018 January February March 72,000 Equipment Land Total 27,000 21,600 112,500 134,100 27,000 72,000 Crouch Corp Cash Budgets January, February, and March 2018 March $ 32.400 $(10,110) 84,890 103,125 151,875 78,750 January February Beginning balance Sales in Cash 60% Collection on Cr Sales 40% Collection on Cr Sales AR Collected Total Cash Inflow 84,375 118,125 65,625 112,500 210,525 360,000 552,390 418,640 20,500 Payment for Purchases (20%) Payment for Purchases (80%) AP Payments Selling Expenses General & Administrative Expenses Capital Expenditures Loan Payment Interest on Loan Income Tax Total Cash Outflow 35,250 82,000 72,000 97,500 10,500 27,000 13,500 135 252,000 112,500 10,500 72,000 127,500 10,500 134,100 81,000 $ 467,500$ 470,350 $ 220,63:5 Ending Balance $ (10,110) 84,890 $ (51,710) Crouch Corp Budgeted Income Statement For Three Months Ended March 2018 Sales COGS Gross Profit $1,012,500 506,250 $ 506,250 Selling Expenses General & Administrative Depreciation Interest Expense Income before tax $ 517,500 31,500 17,756 135 566,891 Net Income/ Loss $ (60,641) Crouch Corp Budgeted Balance Sheet March 31, 2018 Assets ($) Cash Accounts receivable Inventory Total current assets Equipment Less accumulated depreciation Net equipment Total assets Liabilities and Equity ($) Accounts payable Bank loan payable Taxes Payable (due 3/15/2018) Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity