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To prepare a master budget for January. February, and March of 2018, management gathers the folowing Information. a. The company's single product s purchased for $30 per unit snd resold for $52 per unit. The expected Inventory level of 4,750 units b. Cash sales and crechtsdes represent 25% and 7556, respectively, of total sales. Ofthe credit gales, 61%) c. Merchandise purchses are paid for on Decent er 31 2017, more than managememt's desired level, whicn 20% of the next month's expected sales (in units Expected se are: Janusry, 7,250 unlts; February, 9,000 units; March, 11,250 unlts; and April, 10,000 unta collected in the first month 5fter the month of sale and 39% in the second month 5fter the month of sale. Forthe December 31, 2017, ccounts recelvsble balance, $130,000 s colected in January and the remaining $390,000 s colected In February follows: 20% in the first montn 5fter the month of purchase 80% in the second month ter the month of purchase For the December 31 2017, sccounts psyable balance,$95,000 ts pald In January and the remaining $270,000 pad In Februsry. d. Sales commlaalons equal to 20% of sales re paid each month, Saies salaries (excluding commissions) are $90,000 per year e. General and sminlatrative salaries are $144,000 per year, Maintenance expense equa s $2100 per month and paid in cash. t Equipment reported in the December 31, 2017, beance sheet w52 purchased in January 2017 being deprecisted over eight years underthe stra ght-lne method with no sslvage vslue. The following amounts for new equlpment purchases are planned tin the coming quarter: January, $38,400 February, $100,800and March, $21,600. Thls equipment will be depreciated under the strslght- ine method over eight years with no sshvage v lue. A full month's depreclation!, taken forthe month in which equipment g. The company plans to buy land at the end af March sts cost of $170,000, which will be pald with cash on the last day of the month h. The company has working arrangement with ts bank to ootin 5dcht onal loanG 5G needed. The Interest rate 12% per year, and terest pald st esch month-end based on the begnning balance Partal or full payments on these loans can be made on the last dey of the month. The company has agreed to maintain 5 minimum ending cash balance of S2469st the end of each month. L The Income tax rate for the company ls 39% Income taxes on the firnt quarter's Income will not be pald until April 15. Required: Prepare a master budget for esch of the firat three months of 2018: Include the following component budgets . Monthly sales budgets 2 Monthly merchandse purchases budgets 3. Monthly selling expense budgets 4. Monthly general and adminlstrative expense budgets 5. Monthly capital expendltures budgets. 6. Monthly cash budgeta . Budgeted Income statement for the entire first quarter (nat for esch manth). 8. Budgeted balance sheet as of March 31, 2019. Complzte this question by entering your answers In the tabs below. Monthly cesh budgets. (Negative blanc and Loan repayment amounts rany) should be Indicated with minus sign. Roundyou na.. a swers to the nearest whole dollar. Cash Budget January, February, and Maroh 2013 Eeg nirg cesh bslance eceps trom 37o 2469 192 383 Cash payments for Marchand s2 295 800 Pre minery cesh balence End ng cesh balance Loan belance Begning of month Add tionsl loan osn repayment Required 6 Calc Required7