How do I start these budget sections in the master budget? I finished most of my homework, but got stuck here.

Also for required 8 please let me know how did you calculate collections of receivables for April.

Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 50,000 434,240 84,210 368,000 936,450 602,000 (151, 000) 451,000 $ 1,387,450 $ 196,610 12,000 208,610 505,000 713,610 336,000 337,840 673,840 $ 1,387,450 To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 23,000 units. Forecasted sales in units are as follows: April, 23,000; May, 15,300; June, 20,400; and July 23,000. Sales of 241,000 units are forecasted for the entire year. The product's selling price is $23.60 per unit and its total product cost is $20.00 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements The March 31 raw materials inventory is 4,210 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4.100 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 18,400 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.80 per direct labor hour. Depreciation of $21,520 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,100. g. Monthly general and administrative expenses include $13,000 administrative salaries and 0.5% monthly interest on the long-term note payable. h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $41,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $11,000 are to be declared and paid in May. 1. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $131,000 are budgeted for the last day of June. Required i Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minu Calculation of Cash receipts from customers: $ $ Total budgeted sales Cash sales Sales on credit April 542,800 105,560 X 434,240 May 361,080 72,216 288,864 June 481,440 96,288 385,152 20% 80% $ $ $ Total cash receipts from customers April $ 105,560 347,392 X $ 452,952 $ Current month's cash sales Collections of receivables Total cash receipts $ May 72,216 434,240 506,456 June 96,288 288,864 385,152 $ $ May June 506,456 385,152 Cash Budget April, May, and June 2017 April Beginning cash balance 50,000 Cash receipts from customers 452,952 Total cash available 502,952 Cash payments for: Direct labor Variable overhead Sales salaries General & administrative salaries Dividends Purchases of equipment Loan interest Additional loan (loan repayment) X 900 Total cash payments Preliminary cash balance Loan interest Ending cash balance ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Operating expenses Total operating expenses 0 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity