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Prepare the below: a ) Income Budget b ) Cash Budget c ) Balance Sheet Forecast Based on this information: - Cost of goods sold

Prepare the below:
a) Income Budget
b) Cash Budget
c) Balance Sheet Forecast
Based on this information:
- Cost of goods sold (COGS) is 25%.
- Personnel costs and other operating expenses amount to 59,000 euros, and they will be paid during the budget period.
- Equipment is purchased and paid for 5,500 euros.
- Tax-acceptable depreciations are 4,800 euros (building depreciations 1,200 euros and equipment depreciations 3,600 euros).
- Interest expenses amount to 2,000 euros and loans will be reduced by 2,500 euros.
- Taxes are paid at 20% of the result before taxes.
- Dividend is paid at 1,200 euros.
- The ending inventory is the same as the starting inventory.
- Sales receivables remain at 10% of sales.
- Purchase liabilities remain at 10% of purchases.
- At the end of the budget period, there must be at least 3,000 euros in cash.
- Other short-term debts remain at the same level.
- If cash payments are not sufficient to cover cash expenses, the difference is financed through a bank loan.
Fill these tables:
1. Income Budget:
Sales
Variable Costs
Gross Profit
Fixed Costs
Personnel
Depreciation
Interest
Profit Before Taxes
Taxes
Net Profit
2. Cash Budget:
Cash Receipts
Beginning Cash
Cash Sales
Payments from Credit Sales
Total Cash Receipts
Cash Disbursements
Cash Purchases
Payments for Credit Purchases
Personnel
Equipment
Interest on Loans
Loan Repayments
Taxes
Dividends
Total Cash Disbursements
Ending Cash
3. Balance Sheet Forecast: Balance Sheet at the Beginning, from previous period:
Assets:
Buildings: 36,000
Machinery and Equipment: 11,000
Inventory: 6,000
Short-term Receivables: 6,500
Cash and Bank Receivables: 1,200
Total: 60,700
Liabilities and Equity:
Share Capital: 8,000
Retained Earnings: 12,000
Bank Loans: 32,500
Short-term Payables: 2,000
Other Short-term Liabilities: 6,200
Total: 60,700
4. Forecasted Balance Sheet: (Fill this) use information from previous balance sheet as base if needed
Assets:
Buildings
Machinery and Equipment
Inventory
Short-term Receivables
Cash and Bank Receivables
Total
Liabilities and Equity:
Share Capital
Retained Earnings
Bank Loans
Short-term Payables
Other Short-term Liabilities
Total

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