Prepare the cash budget with the projected income statement of ABC Company from March to June

Mr. J, the owner of ABC Company engaged in the sale of XYZ products, presented you with the following data as of February 28, 2021. Inventory, beginning Inventory, ending Gross Profit Rate Cost of Goods Sold 50,000 75,000 20% based on Sales 100,000 Sales are anticipated to increase at a rate of 10% each month in the next four months. 60% of the sales made were on account. Percentage of collection based on previous operations: 20% at the month of sale 30% the following month 30% after 2 months 20% after 3 months. Cash purchases comprise 60% of the total purchases. Purchases are projected to remain constant within the next four months. Percentage of payments based on previous operations: 10% at the month of sale 30% the following month 20% after 2 months 40% after 3 months. By March, Mr. I will receive the proceeds from his approved short-term loan of 15,000 with 3% annual interest contracted last January. Monthly interests will be paid beginning in March. This coming May, Mr. J expects to receive a brand new Laptop las property dividends with a cash price of 50,000. Other operating expenses constitute 10% of Sales and monthly depreciation amounting to 2,500. The company proposed to maintain a minimum cash balance every month equal to half of the paid purchases for the month. The ending cash balance as of February is 10,000. Prepare the cash budget with the projected income statement of ABC Company from March to June