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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, 2020.

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Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019.

DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019
Assets
Cash	$	35,500
Accounts receivable		520,000
Inventory		165,000
Total current assets				$	720,500
Equipment		588,000
Less: Accumulated depreciation		73,500
Equipment, net					514,500
Total assets				$	1,235,000
Liabilities and Equity
Accounts payable	$	350,000
Bank loan payable		12,000
Taxes payable (due 3/15/2020)		89,000
Total liabilities				$	451,000
Common stock		471,500
Retained earnings		312,500
Total stockholders equity					784,000
Total liabilities and equity				$	1,235,000

To prepare a master budget for January, February, and March of 2020, management gathers the following information.

1. The companys single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 5,500 units on December 31, 2019, is more than managements desired level, which is 20% of the next months expected sales (in units). Expected sales are January, 7,250 units; February, 9,250 units; March, 11,000 units; and April, 10,500 units.
2. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 57% is collected in the first month after the month of sale and 43% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $125,000 is collected in January 2020 and the remaining $395,000 is collected in February 2020.
3. 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, 2019, accounts payable balance, $70,000 is paid in January 2020 and the remaining $280,000 is paid in February 2020.
4. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $78,000 per year.
5. General and administrative salaries are $156,000 per year. Maintenance expense equals $2,200 per month and is paid in cash.
6. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000; February, $91,200; and March, $26,400. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full months depreciation is taken for the month in which equipment is purchased.
7. The company plans to buy land at the end of March at a cost of $170,000, which will be paid with cash on the last day of the month.
8. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, 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 $16,000 at the end of each month.
9. The income tax rate for the company is 43%. Income taxes on the first quarters income will not be paid until April 15.

Required: Prepare a master budget for each of the first three months of 2020; 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 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, 2020.

Fill in the missing information below

Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly sales budgets. DIMSDALE SPORTS CO. Sales Budget For January, February, and March 2020 Budgeted Unit Budgeted Budgeted Total Sales Unit Price Dollars January 7,250 $ 55 398,750 February 9,250 55 508,750 March 11,000 55 605,000 Totals for the quarter 27,500 1,512,500 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly merchandise purchases budgets. March Total Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available merchandise Beginning inventory (units) Units to be purchased Budgeted cost per unit Budgeted merchandise purchases DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January February 9,250 11,000 20% 20% 1.850 2,200 7,250 9,250 9,100 11,450 5,500 1,850 3,600 9.600 $ 30 $ 30 $ $ 108,000 $ 288,000 $ 10,500 20% 2,100 11,000 13,100 2,200 10,900 30 327,000 $ $ 24,100 30 723,000 $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly selling expense budgets. Total DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February $ 398,750 $ 508,750 20% 20% 79,750 101,750 6,500 6,500 86,250 $ 108,250 Budgeted sales Sales commission percent Sales commissions Sales salaries Total budgeted selling expenses $ March 605,000 20% 121,000 $ 6,500 127,500 $ 302,500 19,500 322,000 $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly general and administrative expense budgets. Total Equipment - beginning of month Equipment purchases Equipment - end of month Monthly depreciation expense January February March $ 588,000 $ 624,000 $ 715,200 36,000 91,200 26,400 $ 624,000 $ 715,200 $ 741,600 $ 6,500 $ 7,450 $ 7,725 $ 21,675 DIMSDALE SPORTS CO. General and Administrative Expense Budget January, February, and March 2020 January February March $ 6,500 $ 7,450 $ 7,725 $ 2,200 2,200 2,200 13,000 13,000 13,000 $ 21,700 $ 22,650 $ 22.925 $ Depreciation expense Maintenance expense Salaries expense Total Total 21,675 6,600 39,000 67,275 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly capital expenditures budgets. DIMSDALE SPORTS COMPANY Capital Expenditures Budget January, February, and March 2020 January February $ 36,000 $ 91,200 $ 0 $ 0 36,000 $ 91,200 $ March Total 153,600 Equipment purchases Land purchase Total $ 26,400 $ 170,000 196,400 $ 170,000 323,600 HA Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calc Required 6 Cash Bud Required 7 Required a 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 January February 7.250 9,250 S 55.00 $ 55.00 $ $ 398,750 $ 508,750 s 79,750 101.750 319,000 $ 407,000 s March 11,000 55.00 605,000 121,000 484.000 20% 80% --Collected in Total January February 520,000 $ 125,000 $ 395,000 March 31 Receivable March $ 319,000 181,830 s 0 Accounts Receivable - January 1 Credit sales from: January February March Total collection of receivables 137,170 S 231,990 5 407,000 484,000 175,010 484,000 659,010 $ 125,000 $ 578,830 $ 389,160 5 Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers January February $ 79,750 $ 101,750 $ 125.000 578,830 204.750 5 878,580 $ March 121.000 389,160 490, 160 Calculation of payments for merchandise: Desired ending inventory (units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases January February S 1.850 $ 2,200 $ $ 7,250 $ 9,250 $ 9,100 11.450 5,500 9,600 $ 30 $ 30 S S 108,000 $ 288,000 $ March 2,100 11,000 13,100 2,200 10.900 30 327,000 1.850 3.600 March 31 Payable Total -Paid in- February $ 280,000 January 5 70.000 March $ 350,000 Accounts Payable - January 1 Merchandise purchases in January February March 21.600 $ 0 108,000 288,000 327.000 88.400 $ 57.800 230,400 327,000 Total cash paid for merchandise $ 70,000 $ 301.800 5 144,000 $ 557,400 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 5 Required 7 Required 8 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.) S March 183,010 490,160 673,170 DIMSDALE SPORTS CO. Cash Budget January, February, and March 2020 January February Beginning cash balance S 35,500 5 20,680 Cash receipts from customers 204,750 678,580 Total cash available 240,250 699,260 Cash payments for: Merchandise 70,000 301,600 Sales salaries 6,500 6,500 Sales commissions 79,750 101,750 Maintenance expense 2,200 2,200 Purchases of equipment 36,000 91,200 Purchase of land 0 0 Taxes payable 0 0 Interest on bank loan 120 0 General & administrative salaries 13,000 13,000 144.000 6,500 121,000 2,200 26,400 170,000 89,000 0 13,000 207,570 516,250 572,100 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance January S 12,000 February March Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 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, 2020 Operating expenses Total operating expenses 0 0 $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Budgeted balance sheet as of March 31, 2020. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31, 2020 Assets Total current assets 0 Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity