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Variable: Sales commissions 4% of sales Fixed: Advertising $254,666 Rent 2?,663 wages and salaries 12?,666 Utilities 14,233 Insurance 6,666 Depreciation 32,666 All selling and administrative expenses are paid during the month. in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $23,200 in new equipment during May and $58,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $181600 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below: Assets Cash 5 92,666 Accounts receivable ($44,888 February sales; $456,886 March sales) 588,666 Inventory 132,366 Prepaid insurance 46,266 Fixed assets, net of depreciation 1,848,666 Total assets $1,811,666 Liabilities and Shareholders' Equity Accounts payable $ 134,866 Dividends payable 18,666 Common shares 968,666 Retained earnings 6??,666 Total liabilities and shareholders' equity $1,311,939 The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning ofthe month, with any repayments made at the end ofthe month. The interest rate on these loans is 1% per month and must be paid atthe end of each month based on the outstanding loan balance for that month. c. A merchandise purchases budget in units and in dollars. Show the budget by month end in total. Budgeted sales in units ____ 1. Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: a. A sales budget by month and in total. Sales budget April May June Quarter Budgeted sales in units Selling price per unit Total sales b. A schedule of expected cash collections from sales, by month and in total. KNOCKOFFS UNLIMITED Schedule of Expected Cash Collections April May June Quarter February sales March sales April sales May sales June sales Total cash collectionsd. A schedule of expected cash disbursements for merchandise purchases, by month and in total- March purchases 2. A cash budget. Show the budget by month and in total. (Round your intermediate calculations and final answers to the nearest whole dollar. Also, round down your interest calculations to the next whole dollar amount. Cash deficiency, repayments and interest should be indicated by a minus sign. Do not leave any empty spaces; input a 0 wherever it is required.) KNOCKOFFS UNLIMITED Cash Budget For the Three Months Ending June 30 April May June Quarter Cash balance, beginning Add receipts from customers Total cash available Less disbursements Purchase of inventory Advertising Rent Salaries and wages Sales commissions Utilities Dividends paid Equipment purchases Total disbursements Excess (deficiency) of receipts over disbursements Financing: Borrowings Repayments Interest Total financing Cash balance, ending3. A budgeted income statement for the three-month period ending June 30. Use the variable costing approach. KNOCKOFFS UNLIMITED Budgeted Income Statement For the Three Months Ended June 30 Variable expenses: Fixed expenses:\fKnockoffs Unlimited, a nationwide distributor of lowcost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To date, the company's budgeting practices have been inferior, and at times the company has experienced a cash shortage. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April 1. You are eager to make a favourable impression on the president and have assembled the information below. The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: January (actual) 29,888 June 68,888 February (actual) 44,888 July 48,888 March (actual) 5?,888 august 46,888 April 83,888 September 43,888 Hay 11?,888 The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company $4 each. Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit. with no discount, and payable within 15 days. The company has found. however. that only 2096 ofa month's sales are collected by monthend. An additional 70% is collected in the following month. and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. The company's monthly selling and administrative expenses are given below