Please give me the values with explanation ASAP Ty

Managerial Accounting Master Budget Preparation Chapter 9 Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: b. Actual sales for December and budgeted sales for the next four months are as follows: c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross profit rate is 40% of sales. c. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month: advertising, $70,000 per month; shipping, 5% of sales; depreciation, $14,000per month; other expense, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 25% of the following month's sales needs, stated at cost. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. h. During February, the company will purchase a new copy machine for $1,700cash. 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. j. 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). Required Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2. a. Inventory purchases budget: b. Schedule of cash disbursements for purchases: 3. Schedule of cash disbursements for expenses: 4. Cash budget: 5. Prepare an income statement for the quarter ending March 31. 6. Prepare a balance sheet as of March 31. Note: Always look at the description of the cell below the tool bar before proceeding. I have put some formulas in already so that when you enter other numbers or formulas where another cell has \#Value!, a dash, or formula you will see a number magically appear because I have already input information. 1 Sales Budget \begin{tabular}{|rrrrrr|} \hline December & January & February & March & Quarter & April \\ \hline 280,000 & 400,000 & 600,000 & 300,000 & 1,300,000 & 200,000 \\ \hline \end{tabular} 2 Schedule of expected cash collections: \begin{tabular}{|r|r|r|r|} \hline \multicolumn{1}{|c|}{ January } & \multicolumn{1}{l|}{ February } & \multicolumn{1}{l|}{ March } & \multicolumn{1}{l|}{ Quarter } \\ \hline 80,000 & 120,000 & 60,000 & 260,000 \\ \hline 320,000 & 480,000 & 240,000 & 1,040,000 \\ \hline 400,000 & 600,000 & 300,000 & 1,300,000 \\ \hline \end{tabular} 3 Schedule of purchases: b. Disbursements for purchases 4 its for operating expenses: 6 Income statement: HILLYARD COMPANY ncome Statement For the Quarter Ended March 31 Sales Formula Less cost of goods sold: 7 Balance sheet: HILLYARD COMPANY Balance Sheet 31-Mar Assets Current assets: \begin{tabular}{l|l} \hline Cash & Formula \\ Accounts receivable & Formula \\ Inventory & Formula \\ Total current assets & \#VALUEI \\ \hline Buildings and equipment, & \\ net & Formula \\ \hline \end{tabular} 7 Balance sheet: HILLYARD COMPANY Balance Sheet 31-Mar Assets Current assets: \begin{tabular}{l|l} \hline Cash & Formula \\ \hline Accounts receivable & Formula \\ Inventory & Formula \\ \hline Total current assets & \#VALUE! \\ \hline Buildings and equipment, & \\ \hline net & Formula \\ \hline Total assets & \#VALUE! \\ \hline \end{tabular} Liabilities and Equity Current liabilities: Accounts payable Formula Stockholders' equity