Need help with answering the Required questions using the information in problem 7-7, show how you got the final answer please... i have to format this into excel, I am stumped. 
PROBLEM 7-7 Comprehensive Master Budget [LO2 - CC5, 7, 11, 12; L03 - CC13, 14] Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. CHECK FIGURES 2a) February pur chases: $315,000 ) February ending cash balance: $30,800 The following data have been assembled to assist in preparation of the master budget for the first quarter d. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Debits Credits Cash $ 48,000 Accounts receivable 224,000 60,000 370,000 Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings $ 93,000 500,000 109,000 $702,000 $702,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $280,000 400,000 600,000 300,000 200,000 d. The company's gross margin is 40% of sales. at c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month e. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising, $70,000 f. At the end of each month, inventory is to be on hand equal to 25% of the following month's sales needs per month; shipping, 5% of sales, depreciation, $14,000 per month; other expenses, 3% of sales. g. One-half of a month's inventory purchases are paid for in the month of purchase; the other half arep stated at cost. for in the following month. e paid Budgeting h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other equipment will be purchased for cash at a cost of $84,500. i. During January, the company will declare and pay $45,000 in cash dividends. The company must maintain a minimum cash balance of $30,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of principal. The annual interest rate is 12%. (Figure interest on whole months, e.g., 1/12, 2/12.) ats Required: Using the preceding data, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections. 2. Inventory purchases budget. 3. a. Schedule of cash disbursements for purchases. b. Schedule of cash disbursements for expenses. 4. Cash budget. 5. Income statement for the quarter ending March 31 as shown in Schedule 9 in the chapter. 6. Balance sheet as of March 31. as PROBLEM 7-8 Preparing a Comprehensive Master Budget [LO2 - CC5, 7, 11, 12; L03 - CC13, 14) Following is selected information relating to the operations of Shilow Company, a wholesale distributor: CHECK FIGURES (2) May purchases: $64.800 (4) May 31 cash balance: $4,590 Current assets as of March 31: $ 8.000 20,000 36,000 120,000
