Sales and Merchandise Purchases Budget Information

• Sales for this coming year ending December 31 are expected to be as follows:

First quarter	$600,000
Second quarter	$650,000
Third quarter	$660,000
Fourth quarter	$800,000

• Cost of goods sold is 40 percent of sales (this is the first line of the merchandise purchases budget). Merchandise inventory is maintained at a level equal to 20 percent of the next quarters cost of goods sold. Merchandise inventory at the end of the fourth quarter budget period is estimated to be $55,000.

Selling and Administrative Budget Information

• Management estimates all selling and administrative costs are fixed.
• Quarterly selling and administrative cost estimates for the coming year are:

Salaries	$150,000
Rent	$ 25,000
Advertising	$ 40,000
Depreciation	$ 18,000
Other	$ 12,000

Capital Expenditure and Cash Budget Information

• The company plans to pay cash for property, plant, and equipment totaling $35,000 at the end of the fourth quarter. This purchase will not affect depreciation expense for the coming year.
• The company expects to collect 70 percent of sales in the quarter of sale and 30 percent the quarter following the sale. Accounts receivable at the end of last year totaled $200,000, all of which will be collected during the first quarter of this coming year.
• All inventory purchases are on credit. The company expects to pay 80 percent of inventory purchases in the quarter of purchase and 20 percent the following quarter. Accounts payable at the end of last year totaled $68,000, all of which will be paid during the first quarter of this coming year.
• The cash balance at the beginning of this coming year is expected to be $90,000.

Budgeted Balance Sheet Information

• Assume 30 percent of fourth quarter budgeted sales will be collected in full the following year (this represents accounts receivable at the end of the fourth quarter).
• Expected account balances at the end of the fourth quarter are:

Property, plant, and equipment (net)	$120,000
Common stock	$175,000

Actual retained earnings at the end of the last year totaled $252,000, and no cash dividends will be paid during the current budget period ending December 31

Please help me do the Balance sheet.

Current assets
Cash
Accounts receivable
Merchandise inventory
Total current assets
Plant and equipment (net)
Total assets
Current liabilities
Accounts payable
Shareholders' equity
Common stock
Retained earnings
Total liabilities and shareholders' equity