Near the end of 2015, the management of Dimsdale Sports Co , a merchandising company, prepared the following estimated balance sheet for December 31, 2015 To prepare a master budget for January, February, and March of 2016, management gathers the following information a Dimsdale Sports single product is purchased for $30 per unit and resold for $55 per unit The expected inventory level of 4,500 units on December 31, 2015, is more than managements desired level for 2016, which is 20 of the next months expected sales (in units) Expected sales are January, 7,250 units February, 8,750 units March, 10,500 units and April, 9,500 units b Cash sales and credit sales represent 25 and 75 , respectively, of total sales Of the credit sales, 63 is collected in the first month after the month of sale and 37 in the second month after the month of sale For the December 31, 2015, accounts receivable balance, $120,000 is collected in January and the remaining $400,000 is collected in February 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, 2015, accounts payable balance, $85,000 is paid in January and the remaining $255,000 is paid in February d Sales commissions equal to 20 of sales are paid each month Sales salaries (excluding commissions) are $54,000 per year e General and administrative salaries are $144,000 per year Maintenance expense equals $2,000 per month and is paid in cash f Equipment reported in the December 31, 2015, balance sheet was purchased in January 2015 It is being depreciated over eight years under the straight line method with no salvage value The following amounts for new equipment purchases are planned in the coming quarter January, $35,000 February, $96,000 and March, $28,500 This equipment will be depreciated under the straight line method over eight years with no salvage value A full months depreciation is taken for the month in which equipment is purchased g The company plans to acquire land at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month h Dimsdale Sports has a working arrangement with its bank to obtain additional loans as needed The interest rate is 12 per year, and interest is paid 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 maintain a minimum ending cash balance of $21,788 in each month i The income tax rate for the company is 37 Income taxes on the first quarters income will not be paid until April 15 Required Prepare a master budget for each of the first three months of 2016 include the following component budgets Monthly sales budgets I have completed this I've completed some of this I submitted this same question earlier today only to get a partial answer The previous answer was missing several steps Can I please have this completed in it's entireity Thanks DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2015 Assets Cash Accounts recelvable Inventory $ 35,500 520,000 135,000 $ 690,500 Total current assets Equipment Less accumulated depreclation $544,000 68,000 Equipment, net 476,000 Total assets $ 1,166,500 Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3 15 2016) $340,000 15,000 90,000 $ 445,000 Total llablitles Common stock Retalned earnings 471,000 250,500 Total stockholders' equity 721,500 Total llablities and equity $ 1,166,500

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Near the end of 2015, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015. To

Near the end of 2015, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015.

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To prepare a master budget for January, February, and March of 2016, management gathers the following information.

a.	Dimsdale Sports single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 4,500 units on December 31, 2015, is more than managements desired level for 2016, which is 20% of the next months expected sales (in units). Expected sales are: January, 7,250 units; February, 8,750 units; March, 10,500 units; and April, 9,500 units.
b.	Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 63% is collected in the first month after the month of sale and 37% in the second month after the month of sale. For the December 31, 2015, accounts receivable balance, $120,000 is collected in January and the remaining $400,000 is collected in February.
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, 2015, accounts payable balance, $85,000 is paid in January and the remaining $255,000 is paid in February.
d.	Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $54,000 per year.
e.	General and administrative salaries are $144,000 per year. Maintenance expense equals $2,000 per month and is paid in cash.
f.	Equipment reported in the December 31, 2015, balance sheet was purchased in January 2015. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $35,000; February, $96,000; and March, $28,500. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full months depreciation is taken for the month in which equipment is purchased.
g.	The company plans to acquire land at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month.
h.	Dimsdale Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid 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 maintain a minimum ending cash balance of $21,788 in each month.
i.	The income tax rate for the company is 37%. Income taxes on the first quarters income will not be paid until April 15.

Required:

Prepare a master budget for each of the first three months of 2016; include the following component budgets:

Monthly sales budgets.

image text in transcribed I have completed this ^

image text in transcribed

I've completed some of this ^

image text in transcribed

I submitted this same question earlier today only to get a partial answer. The previous answer was missing several steps. Can I please have this completed in it's entireity?

Thanks!

DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2015 Assets Cash Accounts recelvable Inventory $ 35,500 520,000 135,000 $ 690,500 Total current assets Equipment Less accumulated depreclation $544,000 68,000 Equipment, net 476,000 Total assets $ 1,166,500 Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3/15/2016) $340,000 15,000 90,000 $ 445,000 Total llablitles Common stock Retalned earnings 471,000 250,500 Total stockholders' equity 721,500 Total llablities and equity $ 1,166,500