In April, you plan to start a new business called Eco Ebike due to the growing popularity and positive environmental impact of Ebikes. The idea is to have a small retail/warehouse space and focus on online sales. It is expensive to start a business so will begin by investing FUR $50,000. This will probably not be enough money so you have also arranged a $68,000 X8 = 4 loan. This is an 8% loan where principle and 5 449 X3 interest need to be paid back in 6 months. 52098.00 a DJ Super Bike Step Thru DJ Fat Bike Mid Drive $2,599.00 To get the retail space ready, you expect to pay $5,400 to update the lighting and put in new display racks (Leasehold improvements). These leasehold improvements are intended to last for 10 years then be scrapped. Warehouse/retail space will be rented for $4000 per month which must be paid at the beginning of every month. Our sales will focus on two bike models, the DJ Super and the DJ Fat. At the beginning of April, we will buy 60 DJ Fat and 10 DJ Supers. We would like to buy more Supers but due to supply chain issues, the supplier says more will be unavailable until early July, when we plan to re- stock our inventory. Our cost for the Super is $1500 each while the Fat is $1900 each. Since we are just starting our business, the supplier demands cash on delivery. Since Super ebikes are in high demand, we expect all 10 of those bikes to sell out in April and we will charge our customers $2,098 per bike. Concurrently, 5 DJ Fat bikes should be sold in April for $2,599 each. It is anticipated that we will sell 20 DJ Fat bikes in May. In June we plan a financing promotion call "get biking" where customers can spread payment equally over 3 months. Of the 30 bikes we plan to sell in June, half of those customers will pay in 3 equal installments over June, July, and August. Also, in June we plan to take deposits from customers for more Super bikes to be delivered in July. We anticipate collecting $1,500 deposits. Utility bills are expected to climb as we need to turn on the air conditioning. Utilities are expected to be $170 in April, $180 in May and $210, and will be paid in the month following use. Also paid in the following month will be Advertising. Since most of our promotions will be online and "pay by click", advertising is estimated to be 2% of sales. Annual insurance is quoted at $2400 per year. Our policy will be purchased in April. Payroll is $6,000 each month. Employees will be paid in the month worked. You also plan to pay yourself a $1000 dividend on April 30th Required: In excel, create an operating budget (budgeted income statement) and a cash budget for April, May and June. Also make a budgeted balance sheet for June 30, 2022. Follow the following format: April May June Sales Total Cost of Goods Sold Gross Profit Total Operating expense Net Income Cash Budget April May Jung Beginning Cash Balance Cash Receipts Pro Forma Balance Sheet June 30, 2022 Assets Total Cash Collections Total Cash Available Cash Disbursements Total Assets Total cash disbursements Cash Before financing Loan (payments) Ending Cash Balance Llabilities & Equity Liabilities Equity Total Equity Total Liabilities & Equity Note, I know this assignment will be challenging and I encourage you to collaborate with your friends. Collaboration is when all people participate equally to solve a problem. Do not copy the work of others. I will know and you put your friends in an uncomfortable and dangerous position. A 5% assignment is not worth that risk as I will report all cases to Student Affairs and it will go on the permanent record of all parties involved. In April, you plan to start a new business called Eco Ebike due to the growing popularity and positive environmental impact of Ebikes. The idea is to have a small retail/warehouse space and focus on online sales. It is expensive to start a business so will begin by investing FUR $50,000. This will probably not be enough money so you have also arranged a $68,000 X8 = 4 loan. This is an 8% loan where principle and 5 449 X3 interest need to be paid back in 6 months. 52098.00 a DJ Super Bike Step Thru DJ Fat Bike Mid Drive $2,599.00 To get the retail space ready, you expect to pay $5,400 to update the lighting and put in new display racks (Leasehold improvements). These leasehold improvements are intended to last for 10 years then be scrapped. Warehouse/retail space will be rented for $4000 per month which must be paid at the beginning of every month. Our sales will focus on two bike models, the DJ Super and the DJ Fat. At the beginning of April, we will buy 60 DJ Fat and 10 DJ Supers. We would like to buy more Supers but due to supply chain issues, the supplier says more will be unavailable until early July, when we plan to re- stock our inventory. Our cost for the Super is $1500 each while the Fat is $1900 each. Since we are just starting our business, the supplier demands cash on delivery. Since Super ebikes are in high demand, we expect all 10 of those bikes to sell out in April and we will charge our customers $2,098 per bike. Concurrently, 5 DJ Fat bikes should be sold in April for $2,599 each. It is anticipated that we will sell 20 DJ Fat bikes in May. In June we plan a financing promotion call "get biking" where customers can spread payment equally over 3 months. Of the 30 bikes we plan to sell in June, half of those customers will pay in 3 equal installments over June, July, and August. Also, in June we plan to take deposits from customers for more Super bikes to be delivered in July. We anticipate collecting $1,500 deposits. Utility bills are expected to climb as we need to turn on the air conditioning. Utilities are expected to be $170 in April, $180 in May and $210, and will be paid in the month following use. Also paid in the following month will be Advertising. Since most of our promotions will be online and "pay by click", advertising is estimated to be 2% of sales. Annual insurance is quoted at $2400 per year. Our policy will be purchased in April. Payroll is $6,000 each month. Employees will be paid in the month worked. You also plan to pay yourself a $1000 dividend on April 30th Required: In excel, create an operating budget (budgeted income statement) and a cash budget for April, May and June. Also make a budgeted balance sheet for June 30, 2022. Follow the following format: April May June Sales Total Cost of Goods Sold Gross Profit Total Operating expense Net Income Cash Budget April May Jung Beginning Cash Balance Cash Receipts Pro Forma Balance Sheet June 30, 2022 Assets Total Cash Collections Total Cash Available Cash Disbursements Total Assets Total cash disbursements Cash Before financing Loan (payments) Ending Cash Balance Llabilities & Equity Liabilities Equity Total Equity Total Liabilities & Equity Note, I know this assignment will be challenging and I encourage you to collaborate with your friends. Collaboration is when all people participate equally to solve a problem. Do not copy the work of others. I will know and you put your friends in an uncomfortable and dangerous position. A 5% assignment is not worth that risk as I will report all cases to Student Affairs and it will go on the permanent record of all parties involved