Need Assistance will this multi-question problem

Near the end of 2019, the management of Dimsdale Sports (20.. a merchandising company, prepared the following estimated balance sheet for December 31. 2019. DIMSIJALE SPORTS CMPANY Estimated Ealance Sheet December 31, 2019 Assets Cash $ 35.500 Accounts receivable 520.000 Inventory 95,000 Total current assets $ 650,500 Equipment 523.000 Less: Accumulated depreciation 66,000 Equipment, net 462,000 Total assets $11112r593 Liabilities and Equity Accounts payable $360,000 Bank loan payable 13.000 Taxes payable {due 371572020} 88,000 Total liabilities $ 461,000 Common stock 471.000 Retained earnings 180,500 Total stockholders' equity 651,500 Total liabilities and equity $1,112,500 To prepare a master budget for January, February, and March of 2020, management gathers the following information. a. The company's single product is purchased for $20 per unit and resold for $57 per unit. The expected inventory level of 4,750 units on December 31. 2019, is more than management's desired level, which is 20% of the next month's expected sales [in units). Expected sales are January. 7,500 units; February. 9,000 units: March. 10,750 units: and April, 11,000 units. b. Cash sales and credit sales represent 20% and 30%. respectively, of total sales. 0f the credit sales, 57% is collected in the rst month after the month of sale and 43% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance. $125,000 is collected in January 2020 and the remaining $395,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the rst month after the month of purchase and 30% in the second month after the month of purchase. For the December 31, 2019, accounts payable balance. $60,000 is paid in January 2020 and the remaining $300,000 is paid in February 2020. after the month of purchase. For the December 31, 2019, accounts payable balance, $60,000 is paid in January 2020 and the remaining $300,000 is paid in February 2020. Sales commissions equal to 20% of sales are paid each month. Sales salaries [excluding commissions} are $90,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $1,900 per month and is paid in cash. I. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. 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, $38,400: February, $103,200; and March, $28,800. This equipment will be depreciated under the straight- line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased. The company plans to buy 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. 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 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 $23,000 at the end of each month. I. The income tax rate for the company is 43%. Income taxes on the rst quarter's income will not be paid until April 15. P- .3"? Required: Prepare a master budget for each of the first three months of 2020; 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 capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire rst quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly merchandise purchases budgets. DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January February March Next month's budgeted sales (units) 9,000 10,750 11,000 Ratio of inventory to future sales 20% 20% 20% 1,800 2,150 2,200 Required units of available merchandise Units to be purchasedComplete this question by entering your amen In the tube below. Required 6 Cal: Required 6 Required 1 Required 2 Required 3 Cash Bud Required 4 Required 8 Required 5 ' ' Required If Monthly selling expense budgets. Badman am Required 1 ' Required 2 ' Required 3 U Required 4 Required 5 Required 6 Cal: Required 6 Cash Bud Required 3 Monthly general and administrative expense budgets. Equipment purd'iasas Equipment - and of rnunlJ'I