Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 90,000 Total current assets $ 646,000 Equipment 540,000 Less: Accumulated depreciation 67,500 Equipment, net 472,500 Total assets $1,118,500 Liabilities and Equity Accounts payable $375,000 Bank loan payable 11,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 475,000 Common stock 475,000 Retained earnings 168,500 Total stockholders' equity 643,500 Total liabilities and equity $1,118,500 To prepare a master budget for January, February, and March of 2020, management gathers the following information. Required 6 Calc Required 6 Required 3 Cash Bud Required 4 Required 5 Required 7 Required 8 Required 1 H Required 2 Monthly sales budgets. Totals for the quarter Monthly merchandise purchases budgets. Next month's budgeted sales (units) Ratio of inventory to future sales Required units of available merchandise Units to be purchased Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly selling expense budgets. DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February March Budgeted sales Sales commissionsRequired 6 Ca lc Required 6 Cash Bud Required 7 Required 3 Required 1 H Required 2 Required 3 Required 4 Required 5 H Monthly general and administrative expense budgets. Equipment - beginning of month $ 540,000 Equipment purchases Equipment - end of month _