Margaret's Massages Balance Sheet June 30, 2021 Assets Current Assets: Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant & Equipment Equipment & Fixtures Less: Accumulated Depreciation Total Assets $14,800 $2,560 $780 $18,140 $18,710 ($3.480) $15,230 $33,370 $2,620 $2,620 Liabilities Current Liabilities: Accounts Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $9,950 $20,800 $30,750 $33,370 The following information is also included: a. Sales fees 80% cash and 20% on account b. The balance in the Accounts Receivable account is the sales on account from last quarter. C. Budgeted fees earned for this quarter are: $37,300 in July, $40,200 in August and $43,200 in September d. Monthly costs include: $1,210 per month for rent, $6,200 a month for salaries plus 5% bonus for fees earned over $33,600 in a month, $450 for depreciation, $170 for Insurance Expense, and 7% of sales fees earned for Miscellaneous Expense, and utilities run $250 per month. Complete the following budgets for the third quarter. Total Margaret's Massages Sales Budget For the Quarter Ended September 30, 2021 July August September Cash Sales Sales on Account Total Sales Total Margaret's Massages Selling and Administration Budget For the Quarter Ended September 30, 2021 July August September Variable Expenses: Bonus Expense Miscellaneous Expense Total Variable Expenses Fixed Expenses: Salaries Expense Rent Expense Depreciation Expense Utilities Expense Insurance Expense Total Fixed Expenses Total Selling & Administrative Expenses