Summer Breeze Inc. (SBD is a retail outlet specializing in equipment and apparel for the summer months. SBI is trying to prepare a comprehensive budget for the first quarter of 201 SBI has accumulated the following data: Balance Sheet as of December 31, 2016 (Actual Values) Assets Liabilities and Equity Cash 25,000 Accounts Payable 40,000 Accounts Receivable 75,000 Other Payables 34,000 46,000 Common Stock Inventory 400,000 Fixed Assets, net 500,000 172,000 Eamings Total Assets $646,000 S646,000 SBI sales are seasonal, growing through June and then declining through the rest of the year December 2016 sales were $200,000. November 2016 sales were $150,000. Cost of goods sold is 75% of sales. Fixed Selling, General & Administrative Expenses are s60,000 per month. Variable selling expenses month are 5% of sales. SG&A are paid in the month incurred. Commissions are paid the following Depreciation is $72,000 annually. Other Payables on the December 31,2016 Balance Sheet includes Taxes Payable -$14,000 and Commissions Payable $20,000. The Income Tax rate is 40%. Taxes are paid the month after they are incurred. SBI's inventory policy is to maintain enough inventory to meet 25% of next month's sales. Sales are collected 70% in the current month, 20% in the month after sale and 10% in the second month after Sale Purchases are paid 80% in the month of purchase and 20% in the month after purchase. SBI has a line of credit with a local bank. The line of credit has a $200,000 limit and 6% rate. Borrowings made on the last day of the month. Interest Expense is recognized the following month. Interest is paid the month after the expense is recognized. SBI's policy is to maintain a minimum cash balance of S10,000 SBI pays an $800 dividend to its shareholders each month. Projected sales are as follows: Sales Budget January February March April May $360,000 $720,000 $960,000 $1,200,000 $1,320,000 Sales Use the information above to prepare SBI's comprehensive budget for the first quarter of 2017. SBI's budge follow the format on the following pages. Round all balances to the nearest dollar