Please solve correctly on what is wrong as I am getting it wrong for so many times.

Problem 20-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 35,000 Accounts receivable 520,000 Inventory 110,000 Total current assets $ 665,000 Equipment 564,000 Less: Accumulated depreciation 70,500 Equipment, net 493,500 Total assets $1,158,500 Liabilities and Equity Accounts payable $ 355,000 Bank loan payable 13,000 Taxes payable (due 3/15/2020) 90.000 Total liabilities $ 458,000 Common stock 470,500 Retained earnings 230,000 Total stockholders' equity 700.500 Total liabilities and equity $1,158,500 To prepare a master budget for January, February, and March of 2020, management gathers the following information a. The company's single product is purchased for $20 per unit and resold for $56 per unit. The expected Inventory level of 5,500 units on December 31, 2019, is more than management's desired level, which is 20% of the next month's expected sales in units). Expected sales are January 7,250 units: February, 8,500 units: March, 10,500 units; and April, 10.500 units. b. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 61% is collected in the first month after the month of sale and 39% in the second month after the month of sale. For the December 31, 2019, accounts receivable balance, $125,000 is collected in January 2020 and the remaining $395,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month the remaining $395,000 is collected in February 2020. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2019, accounts payable balance, $60,000 is paid in January 2020 and the remaining $295,000 is paid in February 2020. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $60,000 per year. e. General and administrative salaries are $156,000 per year. Maintenance expense equals $2,000 per month and is paid in cash. f. Equipment reported in the December 31, 2019, balance sheet was purchased in January 2019. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000; February, $96,000; and March, $28,800. This equipment will be depreciated under the straight- line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased 9. The company plans to buy land at the end of March at a cost of $155,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $26,000 at the end of each month. i. The income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Required: Prepare a master budget for each of the first three months of 2020; include the following component budgets. 1. Monthly sales budgets. 2. Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general and administrative expense budgets. 5. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Required 6 Required 6 Cash Bud Required Requiredo Rute in catement for the entire retter in the month final and than whale O. My Last uuuuu. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020, Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly sales budgets. DIMSDALE SPORTS CO. Sales Budget For January February, and March 2020 Budgeted Budgeted Unit Sales Unit Price January 7.250 $ 56 February 8.500 58 March 10.500 56 Totals for the 26,250 Budgeted Total Dollars 405.000 476.000 588.000 1,470.000 Required Required 2 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly merchandise purchases budgets. + Total Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available merchandise Beginning inventory (units) Units to be purchased Budgeted cost per unit Budgeted merchandise purchases DIMSDALE SPORTS CO. Merchandise Purchases Budget January, February, and March 2020 January February 8,500 10,500 20% 20% 1.700 2,100 7.250 8.500 8.950 10,600 5,500 1,700 3.450 8.900 $ 20 s 20 S 69.000 $ 178,000 March 10,500 20% 2,100 10,500 12,600 2,100 10,500 20 210.000 > $ $ $ $ 22,850 20 457.000 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2020. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly selling expense budgets. Total DIMSDALE SPORTS COMPANY Selling Expense Budget January, February, and March 2020 January February March Budgeted sales 405.000$ 476,000 $ 588,000 Sales commission percent 20% 20% 20% Sales commissions 81,200 95,200 117,600 Sales salaries 5,000 5,000 5,000 Total budgeted selling expenses S 86.200 $ 100.200 $ 122,600 lo $ 294,000 15,000 $ 309,000 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Monthly general and administrative expense budgets. January February Equipment.beginning of month 5 564,000 $ 600,000 Equipment purchases 35.000 95,000 Equipment and of month $ 600,000 $ 696,000 Monthly depreciation expense $6250 $7.250 March Total $ 690,000 28.800 $724,800 7,550 $ 21.050 DIMSDALE SPORTS CO. General and Administrative Expense Budget January February, and March 2020 January February March Depreciation Expono $ 6.250 $ 7.250 7.550 Salves experte 13.000 13,000 13.000 Maintenance 2.000 2.000 2.000 TON 5 21.250 $ 22,250 Total $ 21,050 39,000 6.000 $ 66,050 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compl S. Monthly capital expenditures budgets. 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter not for each month). 8. Budgeted balance sheet as of March 31, 2020 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Reore Readire ? Recuired) Required Required Roure Required Cake Cathod Required? Required Monthly capital expenditures budgets DIN SOALE SPORTS COMPANY Crotal Expenditures Budget January February, and 2010 January February March Tocal Come purchase 36000 24 160.000 155.000 To $ 15.00 Required Cale > ME CIT Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Calculate the budgeted cash receipts and cash payments. (Negative values should be indicated with minus sign. Round your final answers to the nearest whole dollar) Calculation of Cash receipts from customers: March 10.500 $ Sales in units Selling price per unit Total budgeted sales Cash sales Sales on credit 14 January February 7,250 8,500 $ 56.00 $ 56.00 $ 406,000 $ 476,000 81.200 95,200 $. 324,800 $ 380,800 $ 20% 56.00 588,000 117.600 470,400 80% March 31 Receivable Total Collected in February $ 395.000 March January $ 125,000 $ 520.000 324,800 $ 198,128 $ O Accounts Recewable January 1 Creditos from: January February March Total collection of receivables 125.672 $ 232 288 380,800 470,400 148,512 470,400 618,912 $ 125.000 $ 593.125 $ 358,000 $ Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It do rody 24,400 JOVO 470,400 March Total collection of receivables ***0,014 470,400 618,912 $ 125,000 $ 593,128 $ 358,960 $ Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers January February $ 81,200 $ 95.200 $ 125,000 593,128 $ 206,200 $ 688,328 $ March 117,600 358,960 476,560 Calculation of payments for merchandise: March 2.100 Desired ending Inventory units) Budgeted sales in units Total units required Beginning inventory (units) Number of units to be purchased Cost per unit Total cost of purchases January February $ 1.700$ 2,100 $ S 7,250 $ 8,500 $ 8,950 10,600 5,500 1,700 3.450 8,900 $ 20$ 20 $ $ $ 178,000 $ 10.500 12.600 2,100 10,500 69,000 20 210,000 Paid in March 31 Payable March Total 355.000 Accounts Payable - January 1 Merchandise purchases in January 60,000 February $ 295,000 $ $ 4 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Cash Bud Calc Required 7 Required 8 Monthly cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. F your final answers to the nearest whole dollar.) S March 199,198 476,560 675,758 DIMSDALE SPORTS CO. Cash Budget January, February, and March 2020 January February Beginning cash balance 35,000 $ 30,870 Cash receipts from customers 206,200 688,328 Total cash available 241,200 719,198 Cash payments for Merchandise 60,000 308,800 Salos commissions 81,200 95,200 Sales salaries 5,000 5,000 General & administrative salaries 13,000 13,000 Maintenance expense 2,000 2.000 Interest on bank loan 130 Taxes payable Purchases of equipment 36,000 96.000 Purchase of land > OOOOOOOOO 90.800 117,600 5,000 13,000 2,000 > > 90,000 28,800 155,000 Total cash payments Preliminary cash balance Additional loan (loan repayment) 197,330 43,870 (13.000) 520,000 199.198 502 200 173.558 > Merchandise Sales commissions Sales salaries General & administrative salaries Maintenance expense Interest on bank loan Tres payable Purchases of equipment Purchase of land 0.00 81,200 5,000 13.000 2.000 130 30,00 95.200 5,000 13,000 2,000 90.000 117,600 5,000 13,000 2,000 35,000 96,000 90,000 28.800 155.000 Totalcash payments Preliminary cash balance Additional loan loan repayment Ending cash balance 197350 43,870 13,000) 30.870 520,000 199,190 502.200 173.560 $ $ 190,198 $ 173.558 Loan balance January Loan balance beginning of month $ 13,000 Additional loan on repayment) Loonbase End of month 5 February 0 March $ $ Required 6 Cale Required 7 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 6 Calc Cash Bud Required 7 Required 8 Budgeted income statement for the entire first quarter (not for each month). (Round your final answers to the nearest whol dollar.) DIMSDALE SPORTS CO. Budgeted Income Statement For Three Months Ended March 31, 2020 Sales O $1,470,000 525.000 945,000 Cost of goods sold Gross profit Operating expenses Sales commissions expenso Sales salaries expense General administrative salaries Maintenance expense Depreciation expense Interest expense OOOOOO $ 294,000 15.000 39,000 6.000 21.100 130 Total operating expenses Income before taxes Income tax expense OOO 375,230 569.770 222.210 X $ 347,560 Net income Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate ooo Required 1 Required 2 Required 3 Required 4 Required 5 Calc Cash Bud Required 7 Required 8 181 Budgeted balance sheet as of March 31, 2020. (Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO Budgeted Balance Sheet March 31, 2020 Assets Cash $ 173.558 Accounts receivable 618912 Merchandise Inventory 42.000 Total current assets $ 834.470 Land 155.000 Equipment 724.800 Accumulated depreciation 91.000 3 Equment.net 633200 Totalsts $1.622.670 Liabilities and Equity Lists Accounts payable $ 352.400 Bank loan payable Income tas payable 222.210 Totalbes 574,610 Stockholders' Equity Common stock 470.500 Retained earrings 577.500 Total Stockholders' Equity 1 011000 olo 00 DIMSDALE SPORTS CO Budgeted Balance Sheet March 31, 2020 Asus Cash Accounts receivable Merchandise inventory 173.550 818.912 42.000 $$34.470 155.000 Equipe Accumulated deton Eument, 72400 91,600 $1.622.670 Labies and Lates Bon payable Income taxes 2222100 5746 4000 Como Hindings To Totes and 1.045.000 51.0240