Near the end of 2011, the management of Simid Sports Co, a merchandising company, prepared the following estimated statement of financial position for December 31, 2011. SIMID SPORTS COMPANY Estimated Statement of Financial position December 31, 2011 Assets 36,000 520,000 Accounts receivable Inventory 110,000 Total current assets 666,000 $545,000 Equipment Less accumulated depreciation 125 476,875 1.142,875 Total assets Liabilities and Equity Accounts payable $350,000 Bank loan payable 15.000 Tax payable (due 3M5/2012) 88.000 Total liabilities 453,000 Share capital -ordinary 473,500 Retained earnings 216,375 689,875 Total stockholders' equity 1142.875 Total liabilities and equity To prepare a master budget for January, February, and March of 2012. management gathers the following a. Simid Sports' single product is purchased for $20 per unit and resold for $55 per unit. The expected inventory level of 5,500 units on December 31, 2011, is more than management's desired level for 2012. which is 20% of the next month's expected sales (in units). Expected sales are: January, 6,750 units; February, 8750 units; March, 11,000 units; and April, 11.000 units. b. Cash sales and credit sales represent 25% and 75%. respectively, of total sales. of the credit sales, 59% is collected in the first month after the month of sale and 41% in the second month after the month of sale. For the December 31, 2011, accounts receivable balance, $120.000 is collected in January and the remaining $400,000 is collected in February MacBook Pr