i included images of how every step should be formatted. If you could format your solutions like the images above for each of the steps i would really appreciate it.

Near the end of 2017, the management of DImsdale Sports Co., a merchandising company prepared the following estimated balance sheet for December 31, 2017 DIMSDALE 3PORTS COMPANY Estinated Balance Sheet December 31, 2017 Cash Accounts receivable $ 37,000 520,000 142, 500 Total current assets 5 699, 500 648,000 1,000 Les: accumlated depreciation 567,000 $ 1,266, 500 Equipment, net Total assets Liabilities and Equity Aecounts payable Bank loan payable Taxes payable (due 3/15/2018) Total liabilities Common stoc s 355,000 16,000 91,000 5 462,000 474, 500 330,000 Total stoctholders 804, 500 $ 1,266, 500 equity Total liabilities and equity To prepare a master budget for January, February, and March of 2018, management gathers the following Information. a. The company's single product is purchased for $30 per unlt and resold for $52 per unit. The expected Inventory level of 4,750 unlts on December 31, 2017, is more than management's desired level, which is 20% ofthe next month's expected sales (in units). Expected sales are: January, 7,250 unlts; February. 9,000 unlts; March, 11,250 unlts; and April, 10.000 unlts. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 61% Is collected in the first month after the month of sale and 39% in the second month after the month of sale. For the December 31, 2017, accounts recelvable balance, $130,000 Is collected In January and the remaining $390,000 is collected In February. c. 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, $85,000 Is pald In January and the remalning $270,000 Is pald In February | d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year e. General and administrative salarles are $144,000 per year. Malntenance expense equals $2100 per month and is pald In cash. f. Equipment reported In the December 31, 2017, balance sheet was purchased In January 2017. It Is belng depreclated over elght years under the stralght-lne method with no salvage value. The following amounts for new equipment purchases are planned In the coming quarter: January, $38.400; February. $100,800: and March, $21,600. This equipment will be depreclated under the stralght- line method over elght years with no salvage value. A full month's depreclatlon is taken for the month In which equlpment Is purchased. g. The company plans to buy land at the end of March at a cost of $170,000, whlch will be pald with cash on the last day of the month. h. The company has a working arrangement with lts bank to obtain additional loans as needed. The interest rate is 12% per year, and Interest Is pald 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 malntaln a minlmum ending cash balance of $24,690 at the end of each month. L The Income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Required: Prepare a master budget for each of the first three months of 2018; Include the following component budgets: 1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capltal 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. Complete this question by entering your answers in the tabs below. Monthly merchandise purchases budgets. DIMSDALE SPORTS CO Merchandise Purchases Budget January, February, and March 2018 January February March Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month 9,000 10,000 20% 1,800 Beginning inventory (units) Units to be purchased K Required 1 Required 3 Required 6Rqued 7Reqired s q 4 RequirChBud Monthly selling expense budgets. DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 20 January Februany March Budgeted sales Sales commission percent Total budgeted selling expenses K Required 2 Required4 Required 1 Required 2 Required 3 Required 4 Required 5 Monthly general and administrative expense budgets January February March Equipment beginning of month Equipment purchases Equipment- end of month S 848,000 DIMSDALE SPORTS CO General and Administrative Expense Budget January, February, and March 2018 February January March Salaries expense Maintenance expense K Required 3 Required5 > Required 6 Required 6 Required 7 Required 8 Required 1 Required 2 Required 3 Required 4 Required 5 Calc Cash Bud Monthly capital expenditures budgets. DIMSDALE SPORTS COMPANY Capital Expenditures Budget January, February, and March 2018 January February March Equipment purchases Total Required 4 Required 6 Calc> Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3Required 4 Required 5 Required 7Required 8 Cash Bud Calculate the budgeted cash receipts and cash payments. (Negative values should be indicated with minus sign. Round your final answers to the nearest whole dollar.) Calculation of Cash receipts from customers: Sales in units Selling price per unit Total budgeted sales Cash sales Sales on credit 25% 75% March 31 Total Accounts Receivable January 5 520,000 130,000 390,000 Credit sales from: February March 0 5 Total collection of receivables 5 130,000 390,000 Total cash receipts from customers Collections of receivables Calculation of payments for merchandise: Desired ending inventory Budgeted sales in units Total units required Beginning inventory (units) units to be Cost per unit Total cost of purchases aid i March 31 Payable Total JanuaryF Februany March Accounts Payable January 1355,000 85,000270,000 February March Total cash paid for 85,000 270,0005 Required 6 Required 5 ReguirdRequired s Cal: Monthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO Cash Budget January, February, and March 2018 JanuaryF February March 224,250 281,250 Cash receipts from customers 879,478 704,188 Merchandise General & administrative salaries Interest on bank loan 85,000 59,900 Purchase of land Taxes payable Total cash payments Preliminary cash balance Additional loan (loan repayment) 85,000 159,900 Loan balance January February March Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month K Required 6 Calc Required 7> RequiredRequired S Requied 7Required s 2Required 3 Required 4 Required 5Cah Budgeted income statement for the entire first quarter (not for each month). (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO Budgeted Income Statement For Three Months Ended March 31, 2018 Operating expenses Total operating expenses Required 6 Cash Bud Required 8 > Required 6 Required 6ReguiedRequired S Cal: Budgeted balance sheet as of March 31, 2018. (Round your final answers to the nearest whole dollar) DIMSDALE SPORTS CO Budgeted Balance Sheet March 31, 2018 Assets Total current assets Total assets Liabilities and Equity Bank loan payable Total liabilities Total Liabilities and Equity K Required 7 Required 8