I need help with this please.

Smith Sports, a sporting goods merchandiser, prepares its master budget on a quarterly basis. The following information has been assembled to assist in the preparation of the master budget for the second quarter (2Q) of 2023. The firm is particularly interested in its cash position over the next few months since it is considering a major loan to expand its business. a. On March 31, 2023, the company prepared the following balance sheet: b. Actual sales for March 2023 amounted to $500,000. Budgeted sales for April 2023 through July 2023 are as follows: c. Sales are 10% for cash and 90% on credit. 60% of each month's credit sales are collected in the month of sale and the remaining 40% is collected in the month after sale. The accounts receivable balance of $180,000 on March 31, 2023 is the result of uncollected March credit sales (\$500,000 March sales x 90\% credit sales x 40\% to be collected in the month after sale). d. The company's budgeted cost of goods sold is 36% of budgeted sales. e. Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month plus 8% of sales; shipping, 2% of sales; advertising, $12,500 per month; depreciation, $7,500 per month. f. At the end of each month, management desires inventory on hand to be equal to 28% of the following month's sales, stated at cost. g. Inventory purchases are all on credit. 45% of each month's purchases are paid for in the month of purchase and the remaining 55% is paid for in the month after purchase. h. A land purchase of $650,592 is budgeted for April. i. Dividends totaling $270,996 will be declared and paid in June. j. The company must maintain a minimum cash balance of $50,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of the month and all repayments of principal are made at the end of a month. Interest is repaid only at the time of repayment of principal and is accrued between the time the borrowing is made and the principal is repaid. The annual interest rate is 12% and interest is calculated to the nearest whole month (e.g., 1/12, 2/12, etc.). REQUIRED: Using the data above, enter and complete the following schedules and statements for the second quarter (2Q) of 2023. Your presentation of the schedules must be professional with appropriate headings, spacing, spelling, and underlining. In addition, all numbers in the same column must be aligned as discussed in class (i.e., points will be deducted if the numbers do not align). You will find it beneficial to use Excel to enter the data since it is comparatively easy to align the numbers using that programs. When submitting your project, you may include more than one schedule on a file or sheet. However, make sure that no schedule appears across two pages. For example, if you see schedules 1, 2, 3, 4 and only part of schedule 5 appear on your first printed page and the rest of schedule 5 appears on the next page, use a page break after schedule 4 or space down to force schedule 5 to appear in whole on the next page. As you enter the data below for January, make sure you understand how each number is generated or calculated as shown in class. The heading " 2Q " in the last column stands for "Second Quarter" and you should either put the total for the quarter or the quarterly beginning or ending balance in that column, as appropriate. 1. Schedule of Expected Cash Collections: 3. Schedule of Cash Disbursements - Inventory Purchases: 4. Schedule of Cash Disbursements - Operating Expenses: In the Financing section, recall that all borrowings are made at the beginning of the month and all principal repayments are made at the end of the month. Interest is only paid for the amount accrued at the time of a principal repayment. However, interest expense and interest payable will need to be recognized in the interim. Budgeted Income Statement: Prepare a Budgeted Income Statement for the quarter ended June 30, 2023 using good form (heading, titles, underlines, etc.). The income statement must be prepared using the contribution margin approach as discussed in class. Be sure to list all individual variable costs and fixed costs within those sections. Budgeted Balance Sheet: Prepare a Budgeted Balance Sheet as of June 30, 2023 using good form (i.e., the same format shown on the first page of the project plus a heading). Written Analysis: Assume you are the Chief Executive Officer of Smith Sports and you have been presented with the budget you prepared in the above steps. Prepare a short report to your stockholders describing how you feel the company is expected to perform for the second quarter of 2023. Your analysis should be professionally written with no grammatical or typographical errors. Submission of Project: Turn in your solution via efore the due date (see syllabus). The one exception is that you can turn mune written analysis as a Word or PDF file as discussed in class. You can submit one or more files, but your name must appear at the first page of each document you submit (there will be a deduction if your name is missing from a submitted document). Smith Sports, a sporting goods merchandiser, prepares its master budget on a quarterly basis. The following information has been assembled to assist in the preparation of the master budget for the second quarter (2Q) of 2023. The firm is particularly interested in its cash position over the next few months since it is considering a major loan to expand its business. a. On March 31, 2023, the company prepared the following balance sheet: b. Actual sales for March 2023 amounted to $500,000. Budgeted sales for April 2023 through July 2023 are as follows: c. Sales are 10% for cash and 90% on credit. 60% of each month's credit sales are collected in the month of sale and the remaining 40% is collected in the month after sale. The accounts receivable balance of $180,000 on March 31, 2023 is the result of uncollected March credit sales (\$500,000 March sales x 90\% credit sales x 40\% to be collected in the month after sale). d. The company's budgeted cost of goods sold is 36% of budgeted sales. e. Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month plus 8% of sales; shipping, 2% of sales; advertising, $12,500 per month; depreciation, $7,500 per month. f. At the end of each month, management desires inventory on hand to be equal to 28% of the following month's sales, stated at cost. g. Inventory purchases are all on credit. 45% of each month's purchases are paid for in the month of purchase and the remaining 55% is paid for in the month after purchase. h. A land purchase of $650,592 is budgeted for April. i. Dividends totaling $270,996 will be declared and paid in June. j. The company must maintain a minimum cash balance of $50,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of the month and all repayments of principal are made at the end of a month. Interest is repaid only at the time of repayment of principal and is accrued between the time the borrowing is made and the principal is repaid. The annual interest rate is 12% and interest is calculated to the nearest whole month (e.g., 1/12, 2/12, etc.). REQUIRED: Using the data above, enter and complete the following schedules and statements for the second quarter (2Q) of 2023. Your presentation of the schedules must be professional with appropriate headings, spacing, spelling, and underlining. In addition, all numbers in the same column must be aligned as discussed in class (i.e., points will be deducted if the numbers do not align). You will find it beneficial to use Excel to enter the data since it is comparatively easy to align the numbers using that programs. When submitting your project, you may include more than one schedule on a file or sheet. However, make sure that no schedule appears across two pages. For example, if you see schedules 1, 2, 3, 4 and only part of schedule 5 appear on your first printed page and the rest of schedule 5 appears on the next page, use a page break after schedule 4 or space down to force schedule 5 to appear in whole on the next page. As you enter the data below for January, make sure you understand how each number is generated or calculated as shown in class. The heading " 2Q " in the last column stands for "Second Quarter" and you should either put the total for the quarter or the quarterly beginning or ending balance in that column, as appropriate. 1. Schedule of Expected Cash Collections: 3. Schedule of Cash Disbursements - Inventory Purchases: 4. Schedule of Cash Disbursements - Operating Expenses: In the Financing section, recall that all borrowings are made at the beginning of the month and all principal repayments are made at the end of the month. Interest is only paid for the amount accrued at the time of a principal repayment. However, interest expense and interest payable will need to be recognized in the interim. Budgeted Income Statement: Prepare a Budgeted Income Statement for the quarter ended June 30, 2023 using good form (heading, titles, underlines, etc.). The income statement must be prepared using the contribution margin approach as discussed in class. Be sure to list all individual variable costs and fixed costs within those sections. Budgeted Balance Sheet: Prepare a Budgeted Balance Sheet as of June 30, 2023 using good form (i.e., the same format shown on the first page of the project plus a heading). Written Analysis: Assume you are the Chief Executive Officer of Smith Sports and you have been presented with the budget you prepared in the above steps. Prepare a short report to your stockholders describing how you feel the company is expected to perform for the second quarter of 2023. Your analysis should be professionally written with no grammatical or typographical errors. Submission of Project: Turn in your solution via efore the due date (see syllabus). The one exception is that you can turn mune written analysis as a Word or PDF file as discussed in class. You can submit one or more files, but your name must appear at the first page of each document you submit (there will be a deduction if your name is missing from a submitted document)