NEED HELP ASAP !

The board of directors of the Cortez Beach Yacht Club (CBVC) is developing plans to acquire more equprnent for lessons and reatais and to expand club facilities. The board plans to purchase about $58,000 of new equipment each year and wants to begin a fund to purchase a $608,000 piece of property for club expansion. The ctub manager is conceined about the club's capability to purchase equpment and expand iss focikties. One club menber has agreed to help prepare the following francial statements and help the manager ascertain whether the plans are realistic. Additiond information folswes the financiat etotements. Additional information 1. Other franciat infermaton as of October al, vear 9 a. Cash in checking account, $18,000 b. Petiricash, $1,000. was paid on defivery, with the balance due an Octeber 1, which had not been pad as of October 34, year 9 . balance each Nove mber 1, stayting Novernber 1 , year 6 and that is expected to conomue in the fuhure: 1. Other financial information as of October 31 , year 9 : a. Cash in checking account, $18,000. b. Petty cash, $1,000. c. Outstanding mortgage balance, $816,000. d. Accounts payable for supplies and utilities unpaid as of October 31 , year 9 , and due in November, year 9,$5,800. 2. The club purchased $58,000 worth of salling equipment during the current fiscal year (ending October 31, year 9 ). Cash of $28,000 was paid on delivery, with the balance due on October 1 , which had not been paid as of October 31, year 9 . 3. The club began operations in year 3 in rental quarters, In Octobes, year 5 , it purchased its currert property (land and building) for $1,344,000, paying $256,000 down and ogreeing to pay $68,000 plus 7 percent interest annually on the previously unpaid ioan balance each November 1 , starting November 1, year 6. 4. Membership rose 5 percent during year 9 , approximately the same annual rate of increase the club has experienced since it opened and that is expected to continue in the future. 5. Membership fees were increased by 17 percent in year 9 . The board has tentative plans to increase them by 6 percent in year 10 . 6. Lesson and class fees have not been increased for three years. The number of classes and lessons has grown significantly each year, the percentage growth experienced in year 9 is expected to be repeated in year 10 . 7. Miscellaneous revenues are expected to grow in year 10 (over year 9 ) at the same percentage as experienced in year 9 (over year 8). 8. Lesson and class employees' wages and benefits will increase to $608,650. The wages and benefits of regular employees and the manager will increase 17 percent. Equipment depreciation and supplies, utilities, and miscellaneous expenses are expected to increase 22 percent. Required: a. Construct a cash budget for year 10 for Contez Beach Yacht Club Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar amounts. a. Construct a cash budget for year 10 for Cortez Beach Yacht Club. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar amounts. \begin{tabular}{|c|c|c|} \hline Total cash expenses & $ & 727,258 \\ \hline Cash income & $ & 779,995 \\ \hline \multicolumn{3}{|l|}{ Additional Cash Flows } \\ \hline \multicolumn{3}{|l|}{ Cash payments: } \\ \hline Mortgage payment & $ & 68,000 \\ \hline Accounts payable balance at 1031/Year9 & & 5,800 \\ \hline Accounts payable on equipment at 10/31/ Year 9 & & 30,000 \\ \hline Planned naw equipment purchase & & 58,000 \\ \hline Total cash payments & $ & 161,800 \\ \hline \multicolumn{3}{|l|}{ Cash inflows from income statement } \\ \hline Beginning cash balance (including petty cash) & & 19,000 \\ \hline Cash ivalable for working capital and to acquire property & $ & (142,800) \\ \hline \end{tabular}