Required:	1	Prepare a master budget, using Excel, and all supporting schedules (including sales) for the months April, 2017 through June, 2017.
2. Prepare the budgeted Income Statement and Statement of cash flows for the quarter ended June 30, 2017 and the budgeted Balance Sheet at June 30, 2017

The BJC Company needs a master budget for the three months beginning April 1, 2017. The company retails widgets. The 2017 budget should be based on the following information. An ending minimum cash balance of $10,000each month is required. Sales are forecasted at an average selling price of $8 per widget. Merchandise costs are $4 per widget. Currently, the company maintains an ending inventory balance equal to 20% of the next month's projected cost of goods sold. Purchases during any given month are paid half in the month of purchase and half during the following month. Sales are 20% cash and 80% on credit (payable within 30 days), but experience has shown that 60% of monthly credit sales is collected in the current month, 40% in the next month. Monthly operating expenses are as follows: Wage and salaries $15,000 Insurance expired 150 Depreciation 1,100 Utilities 1,200 Advertising 200 Miscellaneous 50 Rent 400 per month + 10% of monthly sales. All operating expenses are paid as incurred, except insurance, depression, and rent. Rent of $400 paid at the beginning of each month, and the additional 10% of sales is paid in the month following the sale. The company plans to buy some new equipment for $5.000 cash in June. Cash dividends of $1,500 are to be paid quarterly, beginning April 15. Dividends are declared on the 15th of the last month in the calendar quarter. BCJ has an established line of credit with its bank, Third Fifth National. Money can be borrowed and repaid in multiples of $1,000, at an interest rate of 6% per annum. Management wants to minimize borrowing and repay rapidly. Interest is computed and paid when the principal is repaid. Assume that borrowing occurs at the beginning and repayment at the end of the months in question. Money is never borrowed at the beginning and repaid at the end of the same month. Compute interest to the nearest dollar. balance sheet 31-Mar-17 Assets Liabilities Cash $ 16,300.00 Accountants received(net) Account payable(inventory) Dividendspayabl e 19,200 Inventory 4,000 Prepaid insurance Land, Building, Equipment(net) Rent payable $ 13,750.00 1,500 6,000 1,800 75,000 21,250 Stockholders' Equity Capital stock($1 par value) Retained earnings Total Asset Recent and forecasted sales $ 116,300.00 January $ 45,000 February $ 50,000 March May $ 40,000 June $ 60,000 July Required: 1 Total Liabilities & Stockholders,s Equity $ 60,000 $ 70,000 54,400 40,650 $ 116,300 April $ 40,000 Prepare a master budget, using Excel, and all supporting schedules (including sales) for the months April, 2017 through June, 2017. 2. Prepare the budgeted Income Statement and Statement of cash flows for the quarter ended June 30, 2017 and the budgeted Balance Sheet at June 30, 2017