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Near the end of 2020, the management of Yellow Group Company., a merchandising company, prepared the following estimated balance sheet for December 31, 2020. Assets Cash Accounts receivable $355,000 14,000 89,000 YELLOW GROUP COMPANY Estimated Balance Sheet December 31, 2020 Liabilities and Equity $36,000 Accounts payable 520,000 Bank loan payable Taxes payable (due 95,000 3/15/2021) 651,000 Total liabilities $538,000 Common stock 67.250 470,750 Retained earnings Total stockholders' equity $1,121,750 Total liabilities and equity Inventory Total current assets Equipment Less accumulated depreciation $458,000 470,500 193,250 663,750 $1,121,750 Total assets To prepare a master budget for January, February, and March of 2021, management gathers the following information. a. Yellow Group' single product is purchased for $25 per unit and resold for $60 per unit. The expected inventory level of 4,750 units on December 31, 2020, is more than management's desired level for 2021, which is 20% of the next month's expected sales (in units). Expected sales are January, 10,000 units; February, 9,700 units; March, 12,500 units; and April, 10,250 units. b. Cash sales and credit sales represent 30% and 70%, 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, 2020, accounts receivable balance, $365,000 is collected in January and the remaining $155,000 is collected in February. c. Merchandise purchases are paid for as follows: 25% in the first month after the month of purchase and 75% in the second month after the month of purchase. For the December 31, 2020, accounts payable balance, $88,750 is paid in January and the remaining $266,250 is paid in February. d. Sales commissions equal to 18% of sales are paid each month. Sales salaries (excluding commissions) are $240,000 per year. e. General and administrative salaries are $350,000 per year. Maintenance expense equals $2,000 per month and is paid in cash. f. Equipment reported in the December 31, 2020, balance sheet was purchased in January 2020. 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, $86,000; and March, $32,000. 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 acquire land at the end of March at a cost of $210,000, which will be paid with cash on the last day of the month. h. Yellow Group 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 $62,500 in each month. i. The income tax rate for the company is 33%. Income taxes on the first quarter's income will not be paid until April 15. Fall 2020 Yellow Group Project Requirements: Prepare a master budget for each of the first three months of 2021; include the following component budgets (show supporting calculations as needed directly behind or on the same page as 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. 6.) Monthly cash budgets. 7.) Budgeted income statement for the entire first quarter (not for each month). Near the end of 2020, the management of Yellow Group Company., a merchandising company, prepared the following estimated balance sheet for December 31, 2020. Assets Cash Accounts receivable $355,000 14,000 89,000 YELLOW GROUP COMPANY Estimated Balance Sheet December 31, 2020 Liabilities and Equity $36,000 Accounts payable 520,000 Bank loan payable Taxes payable (due 95,000 3/15/2021) 651,000 Total liabilities $538,000 Common stock 67.250 470,750 Retained earnings Total stockholders' equity $1,121,750 Total liabilities and equity Inventory Total current assets Equipment Less accumulated depreciation $458,000 470,500 193,250 663,750 $1,121,750 Total assets To prepare a master budget for January, February, and March of 2021, management gathers the following information. a. Yellow Group' single product is purchased for $25 per unit and resold for $60 per unit. The expected inventory level of 4,750 units on December 31, 2020, is more than management's desired level for 2021, which is 20% of the next month's expected sales (in units). Expected sales are January, 10,000 units; February, 9,700 units; March, 12,500 units; and April, 10,250 units. b. Cash sales and credit sales represent 30% and 70%, 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, 2020, accounts receivable balance, $365,000 is collected in January and the remaining $155,000 is collected in February. c. Merchandise purchases are paid for as follows: 25% in the first month after the month of purchase and 75% in the second month after the month of purchase. For the December 31, 2020, accounts payable balance, $88,750 is paid in January and the remaining $266,250 is paid in February. d. Sales commissions equal to 18% of sales are paid each month. Sales salaries (excluding commissions) are $240,000 per year. e. General and administrative salaries are $350,000 per year. Maintenance expense equals $2,000 per month and is paid in cash. f. Equipment reported in the December 31, 2020, balance sheet was purchased in January 2020. 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, $86,000; and March, $32,000. 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 acquire land at the end of March at a cost of $210,000, which will be paid with cash on the last day of the month. h. Yellow Group 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 $62,500 in each month. i. The income tax rate for the company is 33%. Income taxes on the first quarter's income will not be paid until April 15. Fall 2020 Yellow Group Project Requirements: Prepare a master budget for each of the first three months of 2021; include the following component budgets (show supporting calculations as needed directly behind or on the same page as 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. 6.) Monthly cash budgets. 7.) Budgeted income statement for the entire first quarter (not for each month)