I have to create a master budget for managerial accounting. Im really struggling with all of this and have already reached out to my professor about this.

budget Project reparation of a complete master budget in Excel. You are to build a workbook with a sheet for each budget and financial statements. You are to link the information between worksheets. You are to only key data once within the whole project and link it where it is needed in other worksheets, Create formulas where appropriate to com pute figures within the budgets and financial statements. You might find it helpful to create worksheets for such items as depreciation, cash receipts or cash collections. If you set up the workbook correctly, you can input sales figures and everything should re calculate on its own. Be sure everything is formatted appropriately with dollar signs commas, double underlining, and headings for readability and professional formatting Near the end of 2017, the management of DJS Sports Co., a merchandising company. prepared the following estimated balance sheet for December 31, 2017 DUS SPORTS co Estimated Balance Sheet December 31, 2017 Liabilieies and Equity 360,000 Accounts Payable Bank Loan Payable Taxes Payable (due 3/15/18) Accounts Receivable 525,000 Total Current Assets S 711,000 Total Lablities $ 465,000 540,000 472,500 Retained Earnings Total Stockholder's Net Equigment 1,183,500Eeuty To prepare a master budget for January, February, and March of 2018, management gathers the following information. DJS Sport's single product is purchased for $25 por unit and resold for $50 per unit. The expected inventory level of 6,000 units on December 31, 2017, is more than management's desired level for 2017, wh Expected sales are: January, 9,000 units; February, 8,000 units; March, 10,000 units; and April, 9,000 units. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 60% is collected in the first month after the month of sale and 40% in the second month after the month of sale. For the December 31, 2017, accounts receivable a. T the next month's expected sales (in units) b. balance, $125,000 is collected in January and the remaining $400,000 is collected in February Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2017, accounts payable balance, $80,000 is paid in January and the remaining $280,000 is c. paid in February . that ment 0.1. Second d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding e. General and administrative salaries are $144,000 per year. Maintenance expense equals t. Equipment reported in the December 31, 2017, balance sheet was purchased in January commissions) are $60,000 per year. $2,000 per month and is paid in cash. 2017. It is being depreciated over eight years under the straight-line method with no salvage value. Th coming quarter: January, $36,000; February, $96,000; and March, $28,800. 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. The company plans to acquire land at the end of March at a cost of $150,000, which will be paid with cash on the last day of the month DJS Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year (1% per month), 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 $25,000 in each month The income tax rate for the company is 40%. Income taxes on the first quarter's income will not be paid until April 15. e following amounts for new equipment purchases are planned in the g. h. on ex i. Required Prepare a master budget for each of the first three months of 2018; include the following component budgets (show supporting calculations as needed, 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 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). 8. Budgeted balance sheet as of March 31, 2018