I need help creating the master budget based on the information in the attached worksheet. I have gotten to the capital expenditures one and can't get past that. Any help you can provide with the requirements on this assignment would be helpful!

Master Budget Preparation Template Complete Problem 1 based on the following scenario. The Megacorp managers need you to create the master budget for the months of January, February, and March of 2014. Megacorp Estimated Balance Sheet (as of December 31, 2013) Assets ($) Cash 27,000. Accounts receivable 393,750. Inventory 112,500. Total current assets = 533,250. Equipment 405,000. Less accumulated depreciation -50,625. Net equipment = 354,375. Total assets = 887,625. Liabilities and Equity ($) Accounts payable 270,000. Bank loan payable 11,250. Taxes payable (due 3/15/2014) 67,500. Total liabilities = 348,750. Common stock 354,375. Retained earnings 184,500. Total stockholders' equity = 538,875. Total liabilities and equity = 887,625. Use the following data to calculate the master budget. A single product from Megacorp can be purchased for $25 per unit, and the resale is $50 per unit. The anticipated inventory level on December 31, 2013 is 3,750 units. This is actually more than their desired level for 2014, which is 20% of January's projected sales (in units). Projected sales are: o 5,250 units for January. o 6,750 units for February. 1 o 8,250 units for March. o 7,500 units for April. The total sales consist of 25% cash sales and 75% credit sales. 60% of credit sales is collected in the first month after the sale, and 40% is collected in the second month after the sale. $93,750 of the accounts receivable balance for December 31, 2013 is collected in January and $300.000 is collected in February. 20% of payment for merchandise purchases is received one month after the purchase, and 80% is received in the second month. $60,000 of the balance of the accounts payable for December 31, 2013 is paid in January, and $210,000 is paid in February. Salaries for salespersons average $45,000 per year, added to a sales commission equal to 20% of the salesperson's sales, paid monthly. Salaries for general and administrative staff average $108,000 per year. Each month, $1,500 is paid for maintenance expenses. The December 31, 2013 balance sheet reflects an equipment purchase in January 2013. Using the straight-line method, depreciation will occur over eight years, with no salvage value. The equipment is depreciated a full month for the month it is purchased. The following new equipment purchases are projected for the next quarter: o $27,000 in January. o $72,000 in February. o $21,600 in March. The company has negotiated to purchase land for $112,500, which will be paid on the last day of March, in cash. Megacorp has arranged an agreement with its bank to take additional loans as needed. The bank charges 12% interest per year. Megacorp pays interest on the monthly beginning balance at the end of each month. The company may make full or partial loan payments on the last day of the month. According to this agreement with the bank, the minimum ending cash balance each month must be $18,750. The first quarter's income tax is paid on April 15th at a tax rate of 35%. Problem 1. Using the data provided, prepare the first quarter of 2014's master budget, including all of the following budgets: 1. Monthly sales budgets (showing both budgeted unit sales and dollar sales). 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general 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, 2014. Note: Round numbers to the nearest dollar and use supporting calculations. 2