Information provided to prepare budget plan for January 1 2024. You worked on this before, however, there were many incorrect info. I know you got this cause I don't. (:

- Cash balance =$8,241 - Marketable investments =$64,000 (cost and fair value) - Accounts receivables, net of allowance =$81,500 - Finished goods inventory =$41,000 - Property, Plant \& Equipment, net of accumulated depreciation =$352,645 - Accounts payable =$38,155 - Note payable (due Jan 2023) =$49,000 - Stockholders' equity, consisting of common stock =$200,000 and retained earnings =$260,231 The accounts receivable at the end of 2023 will be collected in January 2024. Likewise, the accounts payable due at the end of December 2023 will be paid in January 2024. Sales for the next four months are expected to be as shown below: - January 2024=$205,000 - February 2024=$255,000 - March 2024=$300,000 - April 2024=$240,000 Going forward, it is expected that 50% of all monthly sales will be received immediately in cash; 30% of each month's sales will be collected in t following month; 15% will be collected in the second month following the month of sale; and the remaining 5% will be considered uncollectible, Cost of goods sold is 70% of sales. At the end of each month, the company would like to have an amount equal to 45% of the following month's cost of goods sold as its ending inventory. Also, going forward, only 30% of each month's merchandise purchases have to be paid in cash in the same month. The remaining amount of the month's purchases is payable in the following month. The company accrues sales commission at the rate of 12% of the total sales for the month, which is paid at the end of each month. Rent of $4,000 is payable on the 1st of each month, and salaries of $10,000 are payable by the end of each month. All other cash-based expenses amount to 8% of the monthly sales and are paid by the end of each month. Depreciation is $1,000 per month. A dividend of $8,000 will be declared on January 15,2024 and will be paid after 30 days. In 2023, the company sold one of its office buildings for $73,000 and the amount will be received in March 2024. This building was reported in the 2023 balance sheet at $48,000. Also in March 2024, the company will purchase new equipment of $15,000 and pay immediately in cash. In addition, the company will buy a piece of land for $60,000 in January 2024 and sign a 120 -day note payable for it. Management likes to maintain a minimum cash balance of $5,000 at the end of each month. If the monthly cash balance is expected to fall sh of this amount, the company will first sell its marketable investments (at the beginning of that month) in multiples of $1,000, and then draw on line of credit, if needed. You can assume that the sale of investment will happen at the fair value per share as of January 1, 2024. If and when it is necessary to use the line of credit, the necessary amount will be borrowed in multiples of $1,000 at the beginning of the month which such a shortfall is expected and will be repaid by the end of the quarter provided there is sufficient cash on hand at that time. Interest is charged by the bank @ 12\% per year and is charged monthly depending on the amount of line of credit used for the month. [Do not use compounding of interest from month to month] All interest is paid when the amount of loan is repaid, typically by the end of the quarter as mentioned before. Based on the above information, prepare for January 2024, February 2024 and March 2024, and for the 1st quarter of 2024 1. Schedule of expected cash collections 2. Merchandise purchase budget 3. Schedule of expected cash disbursements for merchandise purchases 4. Schedule of expected cash disbursements for selling & admin. expenses 5. Cash budget 6. Budgeted Income Statement (only for the whole quarter, not monthly) 7. Budgeted Balance Sheet (only at the end of March 2024)