I would like help solving 1-3 at the bottom. I have been having trouble finding out what I'm missing.

Thanks

Garden Sales, Inc December 31, 2017 22.050.00 Cash Accounts Receivable Inventory Prepaid Rent $ $ $ $ 50,000.00 135,000.00 73,500.00 12,000.00 Account Payable Working Capital Line Acord interest Payable Note Payable 5 5 5 5 50,000.00 Prop, Plant & Equip Accum Depe 5 $ Net PPEES 900,000.00 (100.000.00 800,000.00 Common Stock Retained Earning $ s 200,000.00 798,450.00 Total Assets $ 1.070.500.00 $ 1,070,500.00 . . . . . You are the Business Manager of Garden Sales, Inc and the bank has asked you to prepare a cash and earnings budget/forecast and Pro-Forma Balance Sheet and Income Statement for the next quarter. After your discussion with the various departments, you have come up with the following information/assumptions: November 2017 and December 2017 sales were $100,000, each month Sales for the following three months will decrease by $2,000 each month, beginning January through April Cost of Sales represents 75% of sales, each month. Cash Operating Expenses are 10% of sales, exclusive of Depreciation expense Depreciation Expense is $6,000, per month and prepaid rent is amortized at $750 per month of the month's sales, 10% is collected as cash with the remaining placed on customer's account. Customer's accounts are usually paid off over a 2 month period (50% each month) beginning the month following the sale The CFO just informed you that one customer has filed bankruptcy therefore, $3,000 from Nov A/R Sales will be written off In Jan to Bad Debt Exp. To maintain sufficient inventory, the company purchases 100% of the next month's cost of sales. They pay for 70%, in cash, in the month they purchase and pay the remaining 30% in the following month In March, the company is planning on replacing an outdated machine. The new machine will cost $15,000. The old machine originally cost $20,000 with a Net Book Value of 15,000 and will be sold for $5,000 gulles VW The Company does not pay or accrue for taxes until the end of December The Company plans to pay a cash dividend of $7,500 at the end of March. Assume all operating expenses incurred during the month are paid, in cash, during the same month incurred The Note Payable requires a principal payment of $11,000, plus interest of $250, at the end of March. For this note, no interest is Accrual/Expense until interest is paid The minimum cash month end balance required according to the bank agreement is $75,000 for any given month beginning Jan 30, 2018 A working capital line of credit is available, up to $100,000, and if needed, money is taken out at the beginning of the month. Interest is % per month. Interest is paid on the working capital line when principal payments are paid on the debt; at the end of any given month. Interest is accrued on the working capital line effective the beginning of the month when money is received 1. Prepare a detailed Cash Budget/Forecast for each month of Jan, Feb and March, 2018 2. Prepare an Income Statement for the 3-month period ending March 2018 (good form) 3. Prepare a Balance Sheet as of March 31, 2018 (good form) 4. Assignment must be turned in as HAND WRITTEN document. Check Figures for 03/31 Retained Earnings: 5800,528.98 Total Assets: $1,063,550.00