Please prepare the Income Statement in EXCEL

The Billig Company's recent and forecasted sales for certain months 20x5 and 20x6 are: July, 20x5 August September October $75,000 50,000 50,000 125,000 November $150,000 December 75,000 January, 20x6 90,000 February 80,000 The September 30, 20x5 balance sheet shows: Cash Accounts receivable Inventory Prepaid Insurance Fixtures (net) Total Assets ASSETS $ 3,000 30,000 75,000 1,800 20,000 $129.000 EQUITIES Accounts payable $ 70,000 Dividends payable 1,500 Rent payable 17,500 Total liabilities $89,000 Stockholders' Equity 40,800 Total Equities $129,000 Sales are forecasted at an average price that is twice the average cost per unit. Monthly operating expanses are as follows: Fixed wages $38,000 Insurance expired 200 Depreciation 300 Fixed miscellaneous 3,000 Rent 500 + 10% of sales Cash dividends of $1,500 are to be paid quarterly, beginning October 15, and are declared on the fifteenth of the previous month. All operating expenses are paid as incurred, except insurance, depreciation, and rent. Rent of $500 is paid at the beginning of each month, and the additional 10 percent of sales is paid quarterly on the tenth of the month following the quarter. The next settlement is due October 10. The company desires an ending minimum cash balance of $3,000 each month. Inventories are supposed to equal 120 percent of the next month's projected sales. Inventories are carried at cost. Purchases during any given month are paid in full during the following month. All sales are on credit, payable within thirty days, but experience has shown that 50 percent of current sales are collected in the current month, 40 percent in the next month and 10 percent in the month thereafter. Bad debts are negligible. Money can be borrowed and repaid in multiples of $1,000 at an interest rate of 18 percent per annum. Management wants to minimize borrowing and repay as soon as possible. At the time principal is repaid, interest is computed on the portion of principal that is repaid. Borrowing takes place at the beginning, and repayments at the end of the months in question. Money is never borrowed and repaid at the end of the same month. Ignore income taxes. 1.REQUIRED: Prepare an Income statement for the three months ending December 31, 20x5