Hi! Can you help me to answer question 7 through question 9. Thank you!

Near the end of 2022, the management of LuLu Toy Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2022. LULU TOY COMPANY Estimated Balance Sheet December 31, 2022 Assets Liabilities and Equity Cash $35,500 Accounts payable $360,000 Accounts receivable 520,000 Bank loan payable 15,000 Inventory 95,000 Taxes payable (due 3/15/2023) 90,000 Total current assets 650,500 Total liabilities $465,000 Equipment $541,000 Common stock 472,500 Less accumulated depreciation 67,625 473,375 Retained earnings 186,375 Total stockholders' equity 658,875 Total assets $1,123,875 Total liabilities and equity $1,123,875 To prepare a master budget for January, February, and March of 2023, management gathers the following information. a. Lulu Toy Companys single product is purchased for $20 per unit and resold for $57 per unit. The expected inventory level of 4,750 units on December 31, 2022, is more than managements desired level for 2023, which is 20% of the next months expected sales (in units). Expected sales are: January, 7,250 units; February, 9,250 units; March, 11,000 units; and April, 10,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 70% is collected in the first month after the month of sale and 30% in the second month after the month of sale. For the December 31, 2022, accounts receivable balance, $130,000 is collected in January and the remaining $390,000 is collected in February. 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, 2022, accounts payable balance, $90,000 is paid in January and the remaining $270,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $66,000 per year. e. General and administrative salaries are $156,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. f. Equipment reported in the December 31, 2022, balance sheet was purchased in January 2022. 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, $35,000; February, $95,000; and March, $28,500. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full months depreciation is taken for the month in which equipment is purchased. g. The company plans to acquire land at the end of March at a cost of $170,000, which will be paid with cash on the last day of the month. h. Lulu Toy 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 $25,413 in each month. i. The income tax rate for the company is 30%. Income taxes on the first quarters income will not be paid until April 15. Summer 2022 Group Project I Requirements: Prepare a master budget for each of the first three months of 2023; include the following component budgets (show supporting calculations as needed directly behind that budget, and round amounts to the nearest dollar): 1.) Monthly sales budgets (showing both budgeted unit sales and dollar sales). 2.) Monthly merchandise purchases budgets. 3.) Monthly selling expense budgets. 4.) Monthly general and administrative expense budgets. 5.) Monthly capital expenditures budgets. This will not be in your text so find other sources. 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, 2023 9 Prepare a written analysis summarizing your findings. Please include: i.) Financial ratios in your discussion of the companys financial position. ii.) What accounting recommendations do you have for the new company? iii.) What business recommendations do you have to help the new company? iv.) What did you learn from preparing a Master Budget? Do you find this to be an easy or challenging project? Why? Gather each members thoughts and report separately, not as a group consensus. v.) Do you feel you could prepare a master budget for a company on your own? Gather each members thoughts and report separately, not as a group consensus. Reports should be neatly compiled in the above order and include a cover page with all team member names.