I am struggling with this fact pattern excel sheet I have to fill out, it is a business budgeting pro-formaassignment. I have already attempted to fill in some of the blanks

\fQuantum Graphics makes custom T-shirts and other promotional products for student organizations and businesses. It plans to open a new location in Austin, Texas. It has secured a corporate contract with Dell Computer Corporation that will generate $5,500 per month in sales. With the new contract and potential student organizations from colleges in San Marcos to Georgetown, it needs to plan for its first quarter of operations. Quantum Graphics expects cash sales from student organizations to be $2,750, $2,500, and $1,000 for Month 1, Month 2, and Month 3, respectively. Its corporate sales are always made on account. Based on previous history, Quantum Graphics expects to collect 100% of its corporate sales in the following month of the original sale (e.g. Month 1 account sales are collected in Month 2, Month 2 account sales are collected in Month 3, etc.). Quantum Graphics' cost of goods sold is projected to be 40% of all sales. Its selling, general and administrative expenses are 16% of all sales (Donations 10% + Advertising 5% + Miscellaneous 1% = 16%). It does not keep any inventory on hand and pays its accounts payable balances in full in the following month of purchase. Quantum Graphics' owner invested $1,500 in this venture. The $1,500 will be used to prepay the first three months of rent. Quantum Graphics signed a three month lease because it is in negotiations to purchase a rundown building for $3,000 located just south of Austin. It believes it will be able to buy the building at the asking price and will need to make a cash payment in Month 3 for the building. If Quantum Graphics is short of cash, it has access to a line of credit with an interest rate of 10%. The total line of credit is $5,000. It will borrow the money at the beginning of the month to avoid a cash shortage. Quantum Graphics will only repay the loan when it has enough cash to pay the full balance and maintain an adequate ending cash balance. All loans that are repaid are repaid on the last day of the month. Quantum Graphics must always maintain an ending cash balance of at least $300. An owner's draw of $2,000 is made every month. (Note: sole proprietors and partnerships take owner's draws, stockholders receive dividends). Based upon the information provided, complete the operations budget and answer the questions in Connect. When making calculations always round up (i.e. 33 7% = 2.31, round up to 3.00). You may also assume that there are 30 days in each month of the first quarter. Quantum Graphics Sales Budget Month 1 Section 1: Projected Sales Cash Sales Sales on Account Total Budgeted Sales Section 2: Schedule of Cash Receipts: Current Cash Sales Plus: Collections of A/R Total Budgeted Collections Month 2 Month 3 Total 2,750 5,500 $8,250 2,500 5,500 $8,000 1,000 5,500 $6,500 $6,250 16,500 $22,750 $2,750 $2,500 5,500 $8,000 $1,000 5,500 $6,500 $6,250 11,000 $17,250 $2,750 Quantum Graphics Inventory Purchases Budget Month 1 Section 1: Projected Purchases Budgeted Cost of Goods Sold Plus: Desired Ending Inventory Total Inventory Needed Less: Budgeted Beginning Inventory Required Purchases (On account) Section 2: Schedule of Cash Payments A/P Cash Payments Total Budgeted Disbursements for Inventory Month 2 Month 3 Total $3,300 0 3,300 0 $3,300 $3,200 0 3,200 0 $3,200 $2,600 0 2,600 0 $2,600 $9,100 0 9,100 0 $9,100 0 $0 3,300 $3,300 3,200 $3,200 6,500 $6,500 Quantum Graphics Selling, General & Administrative Expense Month 1 Month 2 Month 3 Total Section 1: Projected SG&A Expense Rent Expense Donations (10% of sales) Advertising (5% of sales) Miscellaneous (1% of sales) Total SG&A Expense $500 $825 $413 $83 $1,820 $500 $800 $400 80 $1,780 $500 $650 $325 65 $1,540 $1,500 2,275 1,138 228 $5,140 Section 2: Schedule of Cash Payments Rent Expense Donations (10% of sales) Advertising (5% of sales) Miscellaneous (1% of sales) Total Payments for SG&A Expense $1,500 825 413 83 $2,820 $0 800 400 80 $1,280 $0 650 325 65 $1,040 $1,500 2,275 1,138 228 $5,140 Quantum Graphics Cash Budget Month 1 Section 1: Cash Receipts Beginning Cash Balance Add: Cash Receipts Total Cash Available Month 2 Month 3 $1,500 2,750 4,250 $300 8,000 8,300 $835 6,500 7,335 Section 2: Cash Payments For Inventory Purchases For S&A Expense For Interest Expense Building Purchase Owner's Draws Total Budgeted Disbursements 0 2,820 0 0 2,000 4,820 3,300 1,280 15 0 2,000 6,595 3,200 1,040 0 3,000 2,000 9,240 Section 3: Financing Activities Surplus (Shortage) Borrowing (Repayment) Ending Cash Balance (570) 870 $300 1,705 (870) $835 (1,905) 2,205 $300 Quantum Graphics Pro-Forma Income Statement Quantum Graphics Statement of Changes in Owner's Equity Sales Revenue Cost of Good Sold Gross Margin Operating Expenses Rent Expense Donations Advertising Expense Miscellaneous Expense Interest Expense Total Operating Expenses Net Income $22,750 Beginning Capital Investment (9,100) Plus: Additional Investments 13,650 Ending Capital Investment Beginning Retained Earnings (1,500) Plus: Net Income (2,275) Less: Owner's Draws (1,138) Ending Retained Earnings (228) Total Owner's Equity (34) (5,174) $8,476 Check figures: Net change in cash Total assets Ending retained earnings ($1,200) $8,800 $2,476 Quantum Graphics Pro-Forma Balance Sheet $ 0 1,500 1,500 0 8,476 (6,000) 2,476 $3,976 Assets Cash Accounts Receivable Building Total Assets Liabilities Accounts Payable Interest Payable Notes Payable Total Liabilities Equity Capital Investment Retained Earnings Owner's Draw Total Equity Total Liabilities & Equity Quantum Graphics Pro-Forma Cash Flow Statement $ Cash flow from operating activities Cash receipts from customers Cash payments for inventory Cash payments for SG&A Cash payments for interest Net cash flow from operating activities 2,600 Cash flow from investing activities 19 Purchase of building 2,205 Net cash flow from investing activities 4,824 Cash flow from financing activities Cash from loans 1,500 Payments for loans 8,476 Payments to owners (6,000) Net cash flow from financing activities 3,976 Net change in cash $8,800 Plus: Beginning Balance Ending Cash Balance 300 5,500 3,000 8,800 $17,250 (6,500) (5,140) (15) 5,595 (3,000) (3,000) 2,205 (6,000) $ (3,795) (1,200) 1,500 300