I need help completing the following parts

Thornton Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. Required a. October sales are estimated to be $400,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 30 percent per month. Prepare a sales budget. b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 percent of the next month's cost of goods sold. However, ending inventory of December expected to be $13,500. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month. Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow. Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store fixtures (fixed)* Rent (fixed) Miscellaneous (fixed) $19,500 48 of Sales 2% of Sales $ 2,900 $ 5,500 $ 6,300 $ 2,700 "The capital expenditures budget indicates that Thornton will spend $167,000 on October 1 for store fixtures, which are expected to have a $35,000 salvage value and a two-year (24-month) useful life. Use this information to prepare a selling and administrative expenses budget. f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses. g. Thornton borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $27,000 cash cushion. Prepare a cash budget. h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter. Thornton borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 2 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $27,000 cash cushion. Prepare a cash budget. (Any repayments should be indicated with a minus sign.) Show less Cash Budget October November December $ 0 Section 1: Cash Receipts Beginning cash balance Add: Cash receipts Total cash available Section 2: Cash Payments For selling and administrative expenses Purchase of store fixtures 160,000 160,000 $ (290,460) 448,000 157,540 $ (276,188) 582,400 306,212 36,500 57,800 65,720 167,000 0 0 OOOO For inventory purchases 246,960 375,928 390,194 Interest expense 0 0 X 0 X 0 0 0 Total budgeted disbursements 450,460 433,728 455,914 Section 3: Financing Activities Surplus (shortage) Borrowing (repayment) (290,460) (276,188) (149,702) 0 x 0 X 0 x Ending cash balance $ (290,460) $ (276,188) (149,702) X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required) Prepare a pro forma income statement for the quarter. THORNTON COMPANY Pro Forma Income Statement For the Quarter Ended December 31, Year 1 Sales revenue $ 1,596,000 Cost of goods sold 1,117,200 Gross margin 478,800 Selling and administrative 206,460 expenses Operating income 272,340 Interest expense 0 X Net income $ 272,340 Prepare a pro forma balance sheet at the end of the quarter. (Amounts to be deducted should be indicated by a minus sign.) THORNTON COMPANY Pro Forma Balance Sheet December 31, Year 1 Assets Accounts receivable 0 Total assets $ 0 Liabilities Equity Total liabilities and equity $ 0 Prepare a pro forma statement of cash flows for the quarter. (Cash outflows should be indicated with a minus sign.) THORNTON COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flows from operating activities Cash flows from investing activities Cash flow from financing activities $ 0