Please help me finish my excel. I'm stuck at payment schedule. Please complete how to solve the till balance sheet. Thank you. Attached is an excel work of my work

You are the sole shareholder and operator of a small incorporated business that purchases offbrand video drones and re-sells them. You started your business five years ago. The following data have been assembled to assist in the preparation of the master budget for the first quarter of the year. As of the end of last year, your company had the following balance sheet: BUAD 195 MASTER BUDGET PROJECT Company Information 1 - The company sells each drone for $500. Actual sales for November were 300 units and for December were 320 units. Projected sales for January are 330 units, 350 for February, 335 for March, and 340 for April. 2 - Sales are all on account and 65% of the cash for sales is collected in the month of sale, 25% is collected in the following month, and the remaining 10% is collected in the month after that. 3 - The company purchases enough units each month to cover the current month's sales and maintain an ending inventory equal to 20% of the following month's projected sales. 4 - Each unit costs the company $325. Inventory purchases are paid for in the month following purchase. 5 - The company is expected to incur and pay fixed operating expenses of $13,500 per month. 6 - On August 1, 2021, the company paid $6,000 for one year's insurance coverage. 7 - Variable operating expenses are projected to be 9% of sales and are paid in the month incurred. 8 - Interest is paid monthly on the long-term loan at a rate of 6% per year. They are also required to make quarterly principal payments, the next is due at the end of March for $2,500. 9 - Equipment costing $28,000 will be purchased for cash at the beginning of January. All equipment is depreciated on a straight-line basis over 10 years with no residual value. 10 - You pay salaries totalling $3,000 each month. For simplicity, ignore all payroll tax implications. 11 - You sell 1,000 additional common shares to your uncle for $2.00 per share at the beginning of February. 12 - You will declare and pay a dividend of $5,000 at the beginning of February. 13 - Income tax expense for this small business is calculated at 22% of the earnings before taxes. The company pays income tax instalments of $1600 per month. 14 - The company must maintain a minimum cash balance of $8,000. A short-term loan is available to cover any shortfall. Interest is paid monthly on the previous month's loan balance at a rate of 12% per year. 15 - Any cash above the minimum available at month end is used to reduce any existing short-term loan. The interest for the short term debt should be calculated and shown separately from the long term debt. Both borrowings and repayments are assumed to occur at the beginning of the month. BUAD 195 MASTER BUDGET PROJECT Winter Requirements and Check Figures - Please read these all very carefully!!! The items in the budget should appear in the following order. Note that when you are showing your schedules, they should flow down a worksheet, so balance sheet first, then cash receipts schedule underneath it and so on. Please do not flow the different schedules across the page or in different tabs. 1 - The prior period ending balance sheet (as given above). 2 - A sales forecast in units and dollars. Check figure: March sales in dollars should be $167,500. 3 - A cash receipts schedule for January, February and March. Check figure: Cash receipts for January should be $162,250. 4 - A purchases schedule in units for January, February and March. Check figure: March unit purchases should be 336 units. 5 - A cash payments schedule for January, February and March. Check figure: February total cash payments should be $147,576. 6 - A cash budget for January, February and March, including a calculation of cumulative loan at the bottom. Check figures: February ending cash should be $30,864 and cumulative loan should be $0. 7 - The pro-forma income statements for January, February and March. You should also have a total column which totals all three months. a) Subtotals for EBIT and EBT should be included. b) Eist all expenses separately (do not combine). c) how long-term and short-term interest separately. Hint: Cost of goods sold is not the same thing as purchases. Check figures: February's earnings after taxes should be $21,769 and March COGS should be $108,875 and Amortization Expense is $442 (rounded) per month. 8 - A pro-forma retained earnings schedule for the quarter ended March 31 (not for each month). Check figure: Ending retained earnings should be $25,477. 9 - A pro-forma balance sheet at March 31. You do not have to complete balance sheets for January or February. Hint: Consider what will cause balances to change from the December 31, 2021 balance sheet. a) Rrepaid insurance will be the opening amount less the amount expensed on the income statement. b) Ilax payable will be the opening balance plus total tax expense less total tax instalments. Check figure: Total assets should be $198,289. You are the sole shareholder and operator of a small incorporated business that purchases offbrand video drones and re-sells them. You started your business five years ago. The following data have been assembled to assist in the preparation of the master budget for the first quarter of the year. As of the end of last year, your company had the following balance sheet: BUAD 195 MASTER BUDGET PROJECT Company Information 1 - The company sells each drone for $500. Actual sales for November were 300 units and for December were 320 units. Projected sales for January are 330 units, 350 for February, 335 for March, and 340 for April. 2 - Sales are all on account and 65% of the cash for sales is collected in the month of sale, 25% is collected in the following month, and the remaining 10% is collected in the month after that. 3 - The company purchases enough units each month to cover the current month's sales and maintain an ending inventory equal to 20% of the following month's projected sales. 4 - Each unit costs the company $325. Inventory purchases are paid for in the month following purchase. 5 - The company is expected to incur and pay fixed operating expenses of $13,500 per month. 6 - On August 1, 2021, the company paid $6,000 for one year's insurance coverage. 7 - Variable operating expenses are projected to be 9% of sales and are paid in the month incurred. 8 - Interest is paid monthly on the long-term loan at a rate of 6% per year. They are also required to make quarterly principal payments, the next is due at the end of March for $2,500. 9 - Equipment costing $28,000 will be purchased for cash at the beginning of January. All equipment is depreciated on a straight-line basis over 10 years with no residual value. 10 - You pay salaries totalling $3,000 each month. For simplicity, ignore all payroll tax implications. 11 - You sell 1,000 additional common shares to your uncle for $2.00 per share at the beginning of February. 12 - You will declare and pay a dividend of $5,000 at the beginning of February. 13 - Income tax expense for this small business is calculated at 22% of the earnings before taxes. The company pays income tax instalments of $1600 per month. 14 - The company must maintain a minimum cash balance of $8,000. A short-term loan is available to cover any shortfall. Interest is paid monthly on the previous month's loan balance at a rate of 12% per year. 15 - Any cash above the minimum available at month end is used to reduce any existing short-term loan. The interest for the short term debt should be calculated and shown separately from the long term debt. Both borrowings and repayments are assumed to occur at the beginning of the month. BUAD 195 MASTER BUDGET PROJECT Winter Requirements and Check Figures - Please read these all very carefully!!! The items in the budget should appear in the following order. Note that when you are showing your schedules, they should flow down a worksheet, so balance sheet first, then cash receipts schedule underneath it and so on. Please do not flow the different schedules across the page or in different tabs. 1 - The prior period ending balance sheet (as given above). 2 - A sales forecast in units and dollars. Check figure: March sales in dollars should be $167,500. 3 - A cash receipts schedule for January, February and March. Check figure: Cash receipts for January should be $162,250. 4 - A purchases schedule in units for January, February and March. Check figure: March unit purchases should be 336 units. 5 - A cash payments schedule for January, February and March. Check figure: February total cash payments should be $147,576. 6 - A cash budget for January, February and March, including a calculation of cumulative loan at the bottom. Check figures: February ending cash should be $30,864 and cumulative loan should be $0. 7 - The pro-forma income statements for January, February and March. You should also have a total column which totals all three months. a) Subtotals for EBIT and EBT should be included. b) Eist all expenses separately (do not combine). c) how long-term and short-term interest separately. Hint: Cost of goods sold is not the same thing as purchases. Check figures: February's earnings after taxes should be $21,769 and March COGS should be $108,875 and Amortization Expense is $442 (rounded) per month. 8 - A pro-forma retained earnings schedule for the quarter ended March 31 (not for each month). Check figure: Ending retained earnings should be $25,477. 9 - A pro-forma balance sheet at March 31. You do not have to complete balance sheets for January or February. Hint: Consider what will cause balances to change from the December 31, 2021 balance sheet. a) Rrepaid insurance will be the opening amount less the amount expensed on the income statement. b) Ilax payable will be the opening balance plus total tax expense less total tax instalments. Check figure: Total assets should be $198,289