please help me with budget balance sheet and budgeted income statement thanks!!!

Hedron, Inc. Budgeted Income Statement For the 6 mos ending June 20 $ Total 890,00% Bales, net Cost of goods sold Gross margin Total operating expenses let Income Jan 20 100,000S 40,000 60,000 $ 77150 (17150) 5 $ Feb 20 Mar20 114,000 $ 120,000 $ 45,600 49 440 68,400 $ 70 560$ 79,068 79.400 (10.860 18 840)S A 20 May 20 June 20 156,000S 180.000 $ 220,000 $ 65,520 90,480 84 472 87 760 93.908 6,000 50131 Hedron, Inc Budgeted Balance Sheet 2020/6/30 Assets Current Assets Cash Accounts receivable Supplies Merchandise Inventory Plant and Equipment: Buildings and Equipment Accumulated Depreciation Total assets 121,275 2000 31.752 533,525 144,000 $ 219.668 Jabilities and Equity Accounts payable Capital stock Retained earnings Total liabilities and equity 2,000 3,677,045 INFORMATION FOR HEDRON, INC. BUDGET PROJECT 1. Hodoo. Inc. is a company that re-sells one product, a particularly comfortable lawn chair. An overseas contractor makes the product exclusively for Hesson, so Hedwoo has no manufacturing- related costs. 2. As of 11/01/2019, each lawn chair costs Hesten S4 per unit. Hestsoo sells each chair for S10 per unit. 3. The estimated sales (in units) are as follows: Nov 2019 11.250 Dec 201911,600 Jan. 2020 10,000 Feb. 2020 11,400 Mar. 2020 12,000 Apr. 2020 15,600 May 2020 18.000 Tube 22.000 In 18.000 4. Per an existing contract, the cost of each chair is scheduled to increase by 5% on March 1, 2020. In addition, because of increasing costs of plastic webbing, the cost is anticipated to increase by an additional 5% on May 1, 2020. To offset these increases, the company plans to raise the sales price to $11.25 per unit beginning May 1, 2020. The sales forecast (i.e., estimated sales in units) takes this price increase into account 5. Thirty percent of any month's sales are for cash, and the remaining 70% are on credit. Thirty percent of the credit sales are collected in the month of sale, 50% are collected in the following month, and 16% are collected in the second month after the sale. The remaining receivables are deemed uncollectible. Bad debts are written off in the month the debt is deemed uncollectible (if the sale is made in January and is not collected by the end of March, it is written off in March.) No accrual for estimated bad debts is made in the month of sale. 6. The firm's policy regarding inventory is to stock (Lc. have in ending inventory) 40% of the forecasted demand in units (i.e., estimated sales) for the next month. Vestwoo, uses the first-in, first-out (FIFO) method in accounting for inventories. 7. Forty percent of the inventory purchases are paid for in the month of purchase and the remaining 60% are paid in the following month (ie all the previous month's Accounts Payable are paid off by the end of any month.) 8. Per a prior contract, a cash payment of S50,000 for equipment previously purchased is due in January Another payment of S30,000 is due in February. Depreciation on the equipment previously purchased is included in the overhead cost detailed in item 11 below. Also, dividends of S12,000 are to be paid in March 9. Monthly operating expenses consist of the following (if these are cash expenses, they are paid when incurred): 7 L Salaries and Wages $3,000 Sales Commissions 7% of sales revenue Rent S8,000 Other Variable Cash Expenses 6% of sales revenue Supplies Expense: See note (1) $2,000 Other: See note (2) $48,000 Note: 1. Bedron, maintains, on hand, one month's worth of supplies. 2. Other general and administrative overhead is expected to be $48,000 per month. Of this amount, $24,000 represents depreciation and other non-cash expenses. 10. The company must maintain a minimum cash balance of $15,000. Borrowing can make up shortfalls. For simplicity, assume that the bank will only lend (and accept repayments) in $1,000 increments. Ignore interest on the loan in your calculations, but minimize the amount borrowed and pay off any loans as soon as possible. 11. Cash on hand as of December 31, 2019 is expected to be $15,000. In addition, there will be no notes payable as of this date. 12. See below the other Balance Sheet accounts with their balances as of December 31, 2019: Supplies... 2,000 Property, Plant and Equipment........ 970,000 Accumulated Depreciation.... 526,475 Common Stock. 200,000 Retained E 322,811 Hedron, Inc. Sales Budget For the 6 mos ending June 20 Budged unt sales Selling price per unit Total Sales Nov 19 11,250 1000 112.500S Dec 19 Jan 20 11.800 10,000 10.00 10005 116,000 $ 100,000S Feb 20 Mar20 11,400 12,000 10005 1000 $ 114.000 $ 120,000 $ Apr 20 15.800 1000S 156 000 May 20 June 20 6 mos total 18.000 22.000 111,850 10.005 1000 180.000 $ 220,000 $ 1.118,500 S $ Cash Sale % Cred Sales Formula Bar 30% 70% S Cash Sales Crede Sales Total Sales 33 7503 78 780 112,500 $ 34 300 81.200 116,000 $ 30,000 $ 70,000 100,000 $ 34 200 $ 79.800 114.000s 36,000 $ 84.000 120,000 $ 46 800 $ 109.200 156.000 5 540005 66.000 $335550 126.000 154.000 782,950 180.000 $220.000 5 1,116,500 $ Current month AR Collections 1 month prior NR Collections 2 months prior NR Collections Uncolectible 3098 50% 16 Hedron, the Cash Collections For the mosending June 20 Jan 20 Feb 20 Mar 20 10.000 14200 30.000 21.000 22040 25,200 40,600 35.000 39.900 12.800 12.992 11,200 104.2005 106.132S 112.300 S Current month cash Sales Current month AR Collections 1 month prior AR Collections 2 months prior AVR Collections Total cash coloctions Bad Debt Expense Desired endra viventory Apr20 May 20 June 20 46.100 14.000 64.0005 32260 37000 40 2005 42.000 54,000 63000 12.768 13,440 174725 134, 3283 159.940S 1926725 mon total 207.000 186.900 275.100 80 472 809.472 3150 3249 2.800 3.300 4368 20.11 40% Hadron, Inc Purchase Budget For the mosending June 20 Nov 19 11.250 4640 15890 Dec 19 11 600 4,000 15.600 4.640 Jan 20 10.000 4 560 14500 4 000 10.560 Feb 20 11400 4.800 16 200 4 580 11 640 Mar20 12.000 6240 18,240 4.800 13,440 Apr 20 15,600 7,200 22,800 6240 16,560 May 20 18,000 3,000 20.800 7200 19.500 June 20 moet 22.000 111 850 7,200 47 440 29,200 169290 8.800 40240 20 400 103160 1060 Budged unt sales Add desired ending Inventory Total neede Loss Beginning inventory Required Purchases Cost per unit Purchases Paid in Morth of Purchase Paid in Month her Purchase 4.00 43.84013 4.00 622405 4.00 45500S 4.DOS 3.700 4.00 68,240 4.00 S 78.400$ 4.00 81,600 412540 40% 50% Hedron, Inc Schedule of Budgeted Cash Debusements to Marchandise Purchase For the mos ending June 20 Jan 20 Feb 20 Mar 20 Ar 20 May 20 June 20 16.000 11.23 21045 204005 1300 12,64015 26.304 26.4 27.036 47040 4720020 4044025 0723 704X5 Cash purchases 1 month pro MP Collections Cash debursements for merchandise purch, 32256 92744 mos o 147.00 11M M24 Vitle Operating Expenses Sales Conson, of Revenue Other Variable Cash Expenses of Revenue 32000 8.000 2.000 24 000 24 000 Fred Operating expenses Salaries and Wages Rent Supplies Expense Other Overhead Other Depreciation 7% 6 Hedron, Inc Operating Expense Budget For the 6 mos ending June 20 Salaries and Wages Sales Commissions Rent Other Variable Cash Expenses Supplies Expense Other - Overhead Other - Depreciation Bad Debt Expense Total operating expenses Depreciation and noncash items Bad Debt Expense Cash disbursements for operating expenses Jan 20 $ 3.000 7.000 8,000 6,000 2,000 24,000 24.000 3,150 77150 24 000 3,150 $ 50,000 $ Feb 20 Mar 20 3000 $ 3.000 $ 7.980 8,400 8.000 8.000 6,840 7,200 2.000 2.000 24.000 24,000 24,000 24,000 3248 2.800 79,068 79,400 24.000 24,000 3.248 2.800 518205 52.600$ Apr 20 May 20 3,000 $ 3.000 $ 10.920 12,600 8,000 8,000 9,360 10,800 2,000 2,000 24,000 24,000 24,000 24,000 3,192 3,360 84,472 87,760 24,000 24,000 3,192 3,380 57,280S 60,400 June 20 6 mos total 3,000 $ 18,000 15,400 62,300 8,000 48,000 13,200 53,400 2,000 12,000 24,000 144,000 24,000 144,000 4,368 20.118 93.96B 501,818 24,000 144,000 4,368 20.118 65,600S 337,700 Equipment payment - January Equipment payment - February Dividends - March Minimum Monthly Cash Budget $ $ 5 $ 50,000 30.000 12,000 15,000