Prepare a monthly cash budget for the six-month period, January through June. Prepare a pro-forma income statement and balance sheet for the same period, January through June. Complete the assignment using the Excel template. Print out two pages (one including the cash budget and another with the pro forma statements) and turn in at the start of class on Tuesday, April 4^th. Two- sided printing is preferred. You do not need to print the formulas. A maximum of two teams members allowed on each team. a) Sales are 20% for cash, 80% on account (credit sales). b) Of the credit sales, 10% are collected during the month of sale, 60% in the month following the month of sale, and 30% in the second month following the sale. c) Cost of goods sold is strictly materials (inventory) and averages 70% of sales. d) The store purchases enough inventory each month to cover the following month's sales at cost. e) All inventory purchases are paid for two months after they are made. f) A minimum cash balance of $8,000 is to be maintained by the store. g) "Other current liabilities" remain unchanged. h) Wages are paid one month after incurred. i) The corporate tax rate is 40%. As of December 31, 2016 all back taxes had been paid. No additional tax payment is due until July 15th. J) A $20,000 dividend payment will be made in June. a. Wages and Salaries (paid one month after incurred): b. Rent: $500/mo. c. Depreciation 150/mo d. Other expenses: 25% of sales (paid as incurred) per month