Rundle Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October $1,$ year $1.$ The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. RequiredOctober sales are estimated to be $$350,000,$ of which $35$ percent will be cash and $65$ percent will be credit. The company expects sales to increase at the rate of $20$ percent per month. Prepare a sales budget.The company expects to collect $100$ percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts.The cost of goods sold is $70$ percent of sales. The company desires to maintain a minimum ending inventory equal to $20$ percent of the next months cost of goods sold. However, ending inventory of December is expected to be $$13,100.$ Assume that all purchases are made on account. Prepare an inventory purchases budget.The company pays $60$ percent of accounts payable in the month of purchase and the remaining $40$ percent in the following month. Prepare a cash payments budget for inventory purchases.Budgeted selling and administrative expenses per month follow. Salary expense $($fixed$)$$$19,100$ Sales commissions $4\%$ of SalesSupplies expense $2\%$ of SalesUtilities $($fixed$)$$$2,500$ Depreciation on store fixtures $($fixed$)*$$$5,100$ Rent $($fixed$)$$$5,900$ Miscellaneous $($fixed$)$$$2,300*$The capital expenditures budget indicates that Rundle will spend $$153,400$ on October $1$ for store fixtures, which are expected to have a $$31,000$ salvage value and a two$-$year $(24-$month$)$ useful life.Use this information to prepare a selling and administrative expenses budget.Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses.Rundle borrows funds, in increments of $$1,000,$ and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of $2$ percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $$23,000$ cash cushion. Prepare a cash budget.Prepare a pro forma income statement for the quarter.Prepare a pro forma balance sheet at the end of the quarter.Prepare a pro forma statement of cash flows for the quarter