It would be extremely appreciated if I can get help on solving last few parts of this problem. Thank you very much!

Problem 7-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017 DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2817 AssetS Cash Accounts receivable Inventory Total current assets Equipment Less: accumulated depreciation $ 36,888 528,8ee 118,088 $ 666,888 624,88e 78,888 Equipment, net Total assets 546,888 $1,212,8ee Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3/15/2818) Total 1iabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity S 375,8e8 15,888 91,888 S 481,888 472,888 259,888 731,9e8 S1,212,808 To prepare a master budget for January. February, and March of 2018, management gathers the following Information. a. The company's single product is purchased for $20 per unlt and resold for $54 per unit. The expected Inventory level of 5,500 units on December 31, 2017, is more than management's desired level, which is 20% of the next month's expected sales (in units). Expected sales are: January, 7,250 units, February, 8,750 units; March, 11,000 units, and April, 9,500 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 61% s collected in the first month after the month of sale and 39% in the second month after the month of sale. For the December 31, 201 recelvable balance, $125,000 Is collected In January and the remalning $395,000 Is collected in February accounts . c. 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, 2017, accounts payable balance, $80,000 Is pald In January and the remaining $295,000 is pald In February. . d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year. e. General and administrative salarles are $132,000 per year. Maintenance expense equals $2,200 per month and is pald In cash. f. Equipment reported In the December 31, 2017, balance sheet was purchased In January 2017. It is being depreclated over elght years under the stralght-line method with no salvage value. The following amounts for new equipment purchases are planned In the coming quarter: January, $40,800; February, $93,600; and March, $21,600. This equlpment will be depreclated under the stralght lne method over elght years with no salvage value. A full month's depreclation Is taken for the month In which equipment is purchased. g. The company plans to buy land at the end of March at a cost of $150,000, which will be paid with cash on the last day of the month. h. 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 pald 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 maintaln a minimum ending cash balance of $23,925 at the end of each month. l. The income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15 Requlred Prepare a master budget for each of the first three months of 2018; Include the following component budgets: 1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capltal expenditures budgets. 6. Monthly cash budgets. 7. Budgeted Income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2018. Complete this question by entering your answers in the tabs below Required 6 Required 6 Required 5C Cash Required 1Required 2 Required 3 Required 4 R Required 7 Required 8 Monthly sales budgets. DIMSDALE SPORTS co Sales Budget For January, February, and March 2018 Budgeted Unit Budgeted Budgeted Total 391,500 472.500 594,000 1,458,000 Sales Unit Price Dollars 7,250 5 54 54 54 January February March 8,750 11,000 27,000 Totals for the quarter Required2> Complete this question by entering your answers in the tabs below Required 6 Calc Required 6 Cash Bud Required 1 Required 2Required 3 Required 4 Required 5 Required 7 Required 8 Monthly merchandise purchases budgets. DIMSDALE SPORTS CO Merchandise Purchases Budget January. February, and March 2018 Total March Fe Next month's budgeted sales (units) Ratio of inventory to future sales 8,750 20% 1,750 7,250 9,000 5.500 3.500 11,000 20% 2.200 8,750 10,950 1.750 9,200 9,500 20% 1,900 11,000 12.900 2.200 10,700 geted ending inventory (units) ud udgeted units sales for month Required units of available merchandise ginning inventory (units) Units to be purchased Budgeted cost per unit Budgeted merchandise purchases 23.400 20 214.000 468,000 20 S 20 S 184,000S 20 S 70,000$ Required 1 Required 3 > Complete this question by entering your answers in the tabs below Required 6 Required Required 7 Required 8 Required 1 Required 2 Required 3Required 4 Required 5 Calc Cash Bud Monthly selling expense budgets. DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2018 Total January February March Budgeted sales 5 391,500 472.500 5 594,000 20% 78,300 7,500 ales commission percent 20% 20% Sales commissions 94.500 118,800 291,600 22,500 126,3005314.100 7,500 7,500 85.800 $ 102.000S otal budgeted selling expenses Required 2 Required4 > Complete this question by entering your answers in the tabs below Required 6 Required 6 Cash Bud Required 1 Required 2 Required 3 Required 4 Required 5 Required 7 Required 8 Monthly general and administrative expense budgets March Total January February Equipment beginning of month Equipment purchases Equipment end of month Monthly depreciation expense 5 624,000 5 664,800 758.400 21.600 758,400 780,000 40.800 5 664,800 5 6,925 93.600 7.900 8,125 22,950 DIMSDALE SPORTS CO General and Administrative Expense Budget January, February, and March 2018 Total March January February 6.925 5 11,000 2,200 7.900 5 11,000 2,200 Depreciation expense 8.125 22,950 33.000 6,600 5 20.125 5 21.100 5 21,325 5 62.550 11,000 aries expense 2,200 aintenance expense Total Required 3 Required 5> Complete this question by entering your answers in the tabs below Required 6 Calc Required 6 Cash BudRequired 7 Required 1 Required 2 Required 3 Required 4 Required 5 Required 8 Monthly capital expenditures budgets DIMSDALE SPORTS COMPANY Capital Expenditures Budget January, February, and March 2018 Total January February March 40.800 S 21,6005 156.000 150,000 93.600 5171,600306,000 93.800 S Equipment purchases and purchase 150,000 40,800S Total Required 4 Required 6 Calc> Complete this question by entering your answers in the tabs below Required 6 Calc Required 6 Cash BudReqired 7 Required 8 Required 1 Required 2 Required 3 Required 4 Required 5 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 February March anuary Sales in units Selling price per unit Total budgeted sales Cash sales Sales on credit 11,000 54.00 S 391.500 S 472,500 |$ 594,000 148,500 75% rs 293.625 $ 354.375$ 445,500 7,250 8,750 54.00 5 54.00 5 25% 97,875 118,125 ollected i March 31 TotalJanuary February March Receivable Accounts Receivable January 1 520,000125,000 395,000 Credit sales from: 293,825 354,375 445,500 5 179,111S114,514 S February 5 216,169 138,206 445,500 330,683 583,706 March s 125,000 S 574,111 Total collection of receivables Total cash receipts from customers January February March 118,125 S 574,111 Current month's cash sales Collections of receivables Total cash receipts 148,500 330,683 5 222,875 692,236 479,183 97,875 S 125,000 Calculation of payments for merchandise January February March 1,750 S 7,250 5 9,000 5,500 3,500 Desired ending inventory (units) Budgeted sales in units Total units requirecd Beginning inventory (units) Number of units to be purchased 2,200 S 1,900 11,000 12,900 2,200 10,700 8,750 5 10,950 1,750 9,200 Total cash receipts from customers January February March Current month's cash sales Collections of receivables Total cash receipts 97,875 118,125148,500 330,683 5 222,875 S 692,236 479,183 125,000 574,111 Calculation of payments for merchandise: January February March 2,200 S 8,750 5 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 1,900 11,000 12,900 2,200 10,700 20 70,000 IS 184.000 S 214.000 1,750 S 7,2505 9,000 5,500 3,500 10,950 1,750 9,200 20 5 20 5 March 31 Total January February March Payable Accounts Payable January 1 5 375,000 5 80,000 295,000 Merchandise purchases in 56,000 5 70,000 184,000 214,000 January February March 14,000 5 147,200 214,000 92.800 is 361.200 36,800 80,000 309,000S Total cash paid for merchandise K Required 5 Required 6 Cash Bud > Complete this question by entering your answers in the tabs below Required 6 Required 6 Required 1 Required 2 Required 3 Required 4 Required 5 Calc Cash BudReqired 7 Required s onthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round our final answers to the nearest whole dollar DIMSDALE SPORTS co Cash Budget January. February, and March 2018 January February March Beginning cash balance Cash receipts from customers Total cash available Cash payments for: 36,000 222,875 258,875 592,236 479,183 Merchandise Purchase of land Purchases of equipment General & administrative salaries Maintenance expense Sales commissions Sales salaries Interest on bank loan Taxes payable 80,000 75,000 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0,000 75,000 Loan balance January February March Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month K Required 6 Calc Required 7 > Complete this question by entering your answers in the tabs below Required 6 Calc Required 6 Cash Bud Required 1 Required 2 Required 3 Required 4 Required 5 Required 8 Required 7 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, 2018 Cost of goods sold Gross profit Operating expenses Sales commissions expense Depreciation expense Sales salaries expense Interest expense General administrative salaries Maintenance expense Total operating expenses Income before taxes Net income Required 6 Cash Bud Required 8> Complete this question by entering your answers in the tabs below Required 6 Calc Required 6 Cash Bud Required 1 Required 2 Required 3 Required 4 Required 8 Required 5 Required 7 Budgeted balance sheet as of March 31, 2018. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO Budgeted Balance Sheet March 31, 2018 Assets Cash Accounts receivable Merchandise Inventory Total current assets Land Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total liabilities Stockholders' Equity Common s Retained earnings Total Stockholders' Equity Total Liabilities and Equity Required 7