only need help with the questions posted below (k,l,m)

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets $ 59,000 487,500 93,010 433,000 1,072,510 638,000 Cash Accounts receivable aw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets (169,000) 469,000 $1,541,510 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 215,410 31.000 246,410 530,000 776,410 354,000 411,100 765,100 $1,541,510 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 25,000 units. Forecasted sales in units are as follows: April, 25,000; May, 17,000; June, 22,400; and July 25,000. Sales of 259,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.65 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements The March 31 raw materials inventory is 4,650 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,900 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw material!s C. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 20,000 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.60 per direct labor hour f. Sales representatives' commissions are 5% of sales and are paid in the month of the sales. The sales manager's monthly salary is g. Monthly general and administrative expenses include $34,000 administrative salaries and 0.8% monthly interest on the long-term h. The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases . The minimum ending cash balance for all months is $98,000. If necessary, the company borrows enough cash using a short-term Depreciation of $39,710 per month is treated as fixed factory overhead $4,900 note payable following the sale (none are collected in the month of the sale) are fully paid in the next month note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment), if the nding cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $29,000 are to be declared and paid in May No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $149,000 are budgeted for the last day of June ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 May April June $ 59,000 116,745X $ 349,804 650,000 598,000477,100 714,745 Beginning cash balance Cash receipts from customers Total cash available 709,000 826,904 Cash payments for: 029,000 Dividends General & administrative salaries Loan interest Long-term note interest Sales commissions Direct labor Sales salaries Raw materials Variable overhead Dividends Purchases of equipment 4,000 34,00034,000 260 2404244,240 22,10029,210 139,500. 159,900. 183,600 04,904,900 240,400 278049,036 56,304 2,502 93,010 229,000 149,000 701,654 125,340 351,190 283,980 532,176 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 329,804 0 X $ 329,804 $ 125,340 Loan balance May April June Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses June 30, 2019 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets $ 59,000 487,500 93,010 433,000 1,072,510 638,000 Cash Accounts receivable aw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets (169,000) 469,000 $1,541,510 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 215,410 31.000 246,410 530,000 776,410 354,000 411,100 765,100 $1,541,510 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 25,000 units. Forecasted sales in units are as follows: April, 25,000; May, 17,000; June, 22,400; and July 25,000. Sales of 259,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $21.65 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements The March 31 raw materials inventory is 4,650 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,900 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw material!s C. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 20,000 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.60 per direct labor hour f. Sales representatives' commissions are 5% of sales and are paid in the month of the sales. The sales manager's monthly salary is g. Monthly general and administrative expenses include $34,000 administrative salaries and 0.8% monthly interest on the long-term h. The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases . The minimum ending cash balance for all months is $98,000. If necessary, the company borrows enough cash using a short-term Depreciation of $39,710 per month is treated as fixed factory overhead $4,900 note payable following the sale (none are collected in the month of the sale) are fully paid in the next month note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment), if the nding cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $29,000 are to be declared and paid in May No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $149,000 are budgeted for the last day of June ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 May April June $ 59,000 116,745X $ 349,804 650,000 598,000477,100 714,745 Beginning cash balance Cash receipts from customers Total cash available 709,000 826,904 Cash payments for: 029,000 Dividends General & administrative salaries Loan interest Long-term note interest Sales commissions Direct labor Sales salaries Raw materials Variable overhead Dividends Purchases of equipment 4,000 34,00034,000 260 2404244,240 22,10029,210 139,500. 159,900. 183,600 04,904,900 240,400 278049,036 56,304 2,502 93,010 229,000 149,000 701,654 125,340 351,190 283,980 532,176 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 329,804 0 X $ 329,804 $ 125,340 Loan balance May April June Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses June 30, 2019 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity