please help me with completing the cash budget, the income statement for the quarter ended March 31, and the balance sheet as of March 31. I will rate positively and give feedback! please show work!

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 rst quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Debits Credits Cash $ 48,666 Accounts receivable 232,666 Inventory 61,566 Buildings and equipment (net) 375,666 Accounts payable $ 93,666 Capital shares 526,666 Retained earnings 163,566 $716,566 $716,566 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $296,666 January 416,666 February 646,666 March 316,666 April 216,666 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The gun. accounts receivable at December 31 are a result of December credit sales. . The company's gross margin is 40% of sales. Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month; advertising, $71,000 per month; shipping, 5% of sales; depreciation, $12,000 per month; other expenses, 3% of sales. At the end of each month, inventory is to be on hand equal to 25% ofthe following month's sales needs, stated at cost . One-half ofa month's inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. . During February, the company will purchase a new copy machine for $1,300 cash. During March, other equipment will be purchased for cash at a cost of $85,500, . During January, the company will declare and pay $47,000 in cash dividends. . 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 preceding data, complete the following statements and schedules for the rst quarter: 1. Schedule of expected cash collections. 0 Answer is complete and correct. Cash sales 8 82,000 0 $128,000 9 $ 82,000 9 $ 272,000 0 Credit sales 232,000 0 328,000 9 512,000 9 1,072,000 0 Total cash collections $ 314.000 $ 455,000 $ 574,000 13441000 2-a. Inventory purchases budget. 9 Answer is complete and correct. Budgeted cost of goods sold 0 $ 245.000 0 $ 384,000 9 $136,000 a $315 000 a Add: Desired ending inventory 0 960000 45,5000 31,5000 31,5000 Total needs 3420000 4305000 2175000 1347,5000 Deduct: Beginning inventory 0 (61,500)0 (96,000)0 (46,500)0 (51,500)0 Required inventory purchases $ 280,500 a $ 334,500 0 $171,000 9 $786 000 o 2-b. Schedule of cash disbursements for purchases. V Answer is complete and correct. HILLYARD COMPANY Schedule of Cash Disbursements for Purchases January February March Quarter December purchases $ 93,000 V $ 93,000 January purchases 140,250 V 140,250 280,500 February purchases 167,250 167,250 334,500 March purchases 85,500 85,500 Total cash disbursements for purchases $ 233,250 $ 307,500 $ 252,750 $ 793,5003. Schedule of cash disbursements for expenses. ' 0 Answer is complete and correct. 9 Answer is not complete. '69 $ 30,950 9 456,000 9 436,950 $ 30,950 9 574,000 9 604,950 $ 43,000 0 1,344,000 9 1,392,000 43,000 9 314,000 9 362,000 Cash balance, beginning Add: Collections from sales Total cash available Deduct: Disbursements: 233,250 128,800 307,500 9 147,200 0 252,750 0 120,300 0 793,500 0 396,300 0 Purchases of inventory Operating expenses Advertising 36,300 0 47,000 0 1,324,100 Purchases of equipment 85,500 a Cash dividends Total disbursements 47,000 0 409,050 (47,050) 0 456,000 30,950 459,050 Excess (deciency) of cash Financing: 73,000 9 Borrowings 73,000 0 Repayments Total nancing Cash balance, ending a 73,000 30,950 0 73,000 $ 65,560 0 \\ .03 8 6 0 O 9 '69 $ 30,9500 $ 65,5600 X Answer is not complete. HILLYARD COMPANY Income Statement For the Quarter Ended March 31 Sales Deduct: Cost of goods sold: Goods available for sale 0 0 Deduct: Operating expenses: 0HILLYARD COMPANY Balance Sheet As of March 31 Assets Current assets: Total current assets 0 Total assets 0 Liabilities and Shareholders' Equity Current liabilities: Stockholders' equity: Total shareholders' equity 0 Total liabilities and shareholders' equity 0