need help calculating the Accounts Receivables and Accounts Payables in section 8 for total collected/ total payments after March

Problem 07-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2019, the management of Dinsdale 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 $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 588,888 Less: Accumulated depreciation 73,500 Equipment, net 514,500 Total assets $1,176,eee Liabilities and Equity Accounts payable $355,000 Bank loan payable 12,600 Taxes payable (due 3/15/2020) 89,eee Total liabilities $ 456,000 Common stock 472,500 Retained earnings 247 50e Total stockholders' equity 720,00 Total liabilities and equity $1,176,000 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 $56 per unit. The expected inventory level of 5.250 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 7.250 units, February, 8.750 units, March 11,500 units and April 10,500 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, 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 first month after the month of purchase and 80% 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 $295,000 is paid in February 2020 d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year .. General and administrative salanes are $144,000 per year Maintenance expense equals $1,800 per month and is pard in cash, t. 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, 536,000, February, 598,400; and March, $26.400 This equipment will be depreciated under the straight mine method over eight years with no salvage value. Alus month's depreciation is taken for the month in which equipment is purchased 9. The company plans to buy and at the end of March at a cost of $145,000, which wil be part with cash on the last day of the month h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate 12% per year and interest is pard 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 $47000 at the end of each month L 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 2020, include the following component budgets 1. Montales budgets 2. Monthly merchandise purchases budgets 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. Monty capital expenditures budgets 6. Monthly cash budgets 7. Budgeted income statement for the entire first quarter (not for each month 3. 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 Required 6 Required 6 Calc Cash Bud Required 7 Required B Calculate the budgeted cash receipts and cash payments. (Negative values should be indicated with minus sign. Round your final answers to the nearest whole dollar) March 11,500 Calculation of Cash receipts from customers: January February Sales in units 7,250 8,750 Selling price per unit $ 56.00 $ 56.00 $ Total budgeted sales $ 406,000 $ 490,000 $ Cash sales 25% 101,500 122,500 Sales on credit 75% 5 304,500 5 367,500 $ 56.00 644,000 161,000 483,000 March 31 Receivable Total Collected in January February 125,000 $ 395,000 March $ 520,000 $ Accounts Receivable - January 1 Credit sales from January February March Total collection of receivables $ 191,835 s $ 0 304,500 367,500 483,000 112,665 231.525 $ 135,975 483,000 618,975 $ 125,000 5 586,835 5 344,190 $ Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers January February $ 101.500 5 122.500 5 125,000 586.835 $ 226,500 5 709,335 $ March 161,000 344.190 505, 190 Calculation of payments for merchandise: $ January February March 1,7505 2,300 $ 2,100 7.250 $ 8.7505 11,500 9,000 11,050 13,600 $ Desired ending inventory units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases 2,300 9,000 5.250 9,000 20 180.000 1.750 9,000 20 s 180.000 5 5 5 $ 20 180,000 $ Total 355,000 March January $ 60,000 March 31 Payable February 295,000 5 Accounts Payable - January 1 Merchandise purchases in January February March 36,000 $ $ 0 180.000 180.000 180,000 144,000 44.200 135,800 100,000 Tot cash paid for merchandise 5 60.000 5 183.200 315,800 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required & Budgeted balance sheet as of March 31, 2020. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31, 2020 $ 119,505 42,000 $ 161,505 95,325 748,800 145,000 603,800 860,630 $ Assets Cash Accounts receivable Merchandise Inventory Total current assets Accumulated depreciation Equipment Land Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total abilities Stockholders' Equity Common stock Retained earning Total Stockholders' Equity Total Liabilities and Equity 220,577 220,577 472,500 623,018 1,095,518 $ 1,316,095