Please prepare the Sales and Cash budgets for Jan/Feb/Mar, and please answer this question in Excel.

1 Be Our Guest restaurant Tianjin has 150 tables; the average check is $35 at 2.4 seat turnover per day last year. In Dec 31, BOG is going to prepare the Sales and Cash budgets for the next three months. Below is some information for budgeting. The budget turnover rate of Jan/Feb/Mar/Apr are 2.8, 3.0, 3.0, 2.85. 80% of sales are collected by cash, the rest 20% are credit sales which would be collected in the month following. The sales rev of last Dec was $320,000. Direct labor (including wages and benets) are 25%. Direct materials are 25%. The restaurant purchases raw materials once a month. The restaurant maintains an ending inventory equal to 60% of the next month's demand. The company purchases of raw materials are 80% on credit. the payment is made in the month following. The Sales and Marketing budget is 10% of total sales. Monthly administrative including IT, HR, utilities, maintenance, etc., is 25% of total sales revenue. The rental of building is $10,000 per month. The depreciation of Equipment is $5,000 per month. BOG needs to pay 5% of total sales revenue as Royalty fee to the brand. The company pays all the payroll of employee, other departmental expense, and operational expense by cash. BOG plans to acquire video conference equipment for $45,000 cash in Mar. BOG will pay a cash dividend of $20,000 in Jan. BOG will purchase $25,000 of equipment in Mar. BOG has an income tax liability of $25,000 from the previous quarter that will be paid in Jan. The income tax rate is 30%. BOG will pay taxes for current quarter next year BOG has an agreement with its bank for loans at the end of each month to enable a minimum cash balance of $20,000. BOG pays interest equal to 5% of the prior month's ending loan balance, repays loans when the ending cash balance exceeds $20,000. The cash balance is $20,000 in Dec 31. The loan balance is $10,000 in Dec 31. BOG reports the following account balances on Dec 31 prior to preparing its budgeted nancial statements: Accounts Receivable $ 100,000 Property, Plant 8: Equipment $ 360,000 Accumulated depreciation $ 120,000 Common stock $ 254,000 Retained earnings $ 39,832