How do i prepare the budgeted income statement, budgeted statement of retiained earnings, and budgeted balance hseet? All relevnt information is a the bottom of the question.

Required information [The following information applies to the questions displayed below] \"We really need to get this new material-handling equipment in operation just after the new year begins. I hope we can finance it largely with cash and marketable securities, but if necessary we can get a short-term loan down at MetroBank.\" This statement by Beth Davies-Lowry, president of Intercoastal Electronics Company, concluded a meeting she had called with the firm's top management. Intercoastal is a small, rapidly growing wholesaler of consumer electronic products. The firm's main product lines are small kitchen appliances and power tools. Marcia Wilcox, Intercoastal's General Manager of Marketing, has recently completed a sales forecast. She believes the company's sales during the first quarter of 20x1 will increase by 10 percent each month over the previous month's sales. Then Wilcox expects sales to remain constant for several months. Intercoastal's projected balance sheet as of December 31, 20x0, is as follows: Cash $ 45,000 Accounts receivable 432,000 Marketable securities 10,000 Inventory 264,000 Buildings and equipment (net of accumulated depreciation) 646,000 Total assets $1,397,000 Accounts payable $ 378,000 Bond interest payable 10,000 Property taxes payable 3 , 6 0 0 Bonds payable (8%; due in 20x6) 300,000 Common stock 500,000 Retained earnings 205,400 Total liabilities and stockholders' equity $1,397,000 Jack Hanson, the assistant controller, is now preparing a monthly budget for the rst quarter of 20x1. In the process, the following information has been accumulated