Horses Company projected the following January 31 balance sheet: Cash Accounts receivable(net of uncollectible*) Merchandise Inventory Plant assets (net of accumulated deprecation**) Total Assets *Allowance for uncollectibles Accumulated Depreciation Additional information: Expected sales for February Expected sales for March All Sales are made on account. The monthly collection pattern: Assets $2,880 $120,000 $240,000 $260,000 $20,000 69,120 104,800 Accounts Payable $140,400 Common Stock 46,000 72,000 $265,920 Retained earnings 79,520 Total Liabilities and Stockholders' Equity 125,520 $265,920 51% Collected in month of sale Font 47% Collected in month after sale 2% Uncollectible Therefore, the January accounts receivable and allowance for uncollectibles reflect only accounts for January. Cost of Goods Sold is Purchases each month are made to meet All purchases are paid in full in the month following purchase. Dividends of Monthly Selling and administrative expenses are Selling and Administrative expenses that use cash are paid monthly 64% of sales 60% of the current months sales 40% of the next months project sales $8,000 Declared and paid February $40,000 of which $4,000 is depreciation Required: Use cell referencing of information above to calculate the following and make sure you label calculations, so I can follow your end results. 1. What were January budgeted sales? 2. What will be the budgeted cash collection for February? 3. What will the Merchandise Inventory balance for February 28? 4. What will be the budgeted net income for February? 5. What will the budgeted balance in retained earning account at February 28? 6. What will be the cash available at February 28?