The balance sheet for Comfy, a mattress manufacturer, for December 31, 2020, is as follows: Comfy Balance sheet As at December 31, 2020 Assets Cash $ 15,000 Accounts receivable 81,000 Inventory 62,000 Property, plant and equipment (net) 458,000 Total assets $616,000 Liabilities and shareholders' equity Accounts payable Common shares Retained earnings Total liabilities and shareholders' equity Cambre is appling for a loan from it- hankin fing O E $ 52,000 330,000 234.000 $ 616,000 omfy's is applying for a loan from its bank to finance future growth, so the bank has asked for a budge me first quarter of 2021. The company's accountant has gathered the following information for the first uarter of 2021: The sales for the first quarter of 2021 are expected to be $375,000. Of this amount, 25% is immediately received in cash and 75% as credit sales; 70% of the credit sales for the quarter will collected in the quarter, 20% in the following quarter and 10% collected in the second quarter following the sale. Accounts receivable as at December 31, 2020, has resulted from 2020, last quarter sales of $300,000 and third quarter of 2020 sales of $180,000. Purchases of inventory for the first quarter of 2021, all on account, are expected to total $225,000; 80% of the purchases will be paid for in the first quarter, and the balance will be paid for in the second quarter. All of the accounts payable at December 31, 2020, will be paid during the first quarter of 2021. The budgeted inventory at the end of the first quarter of 2021 is $66,000. Selling and Administrative expenses, including $10,000 of depreciation, are expected to be $92,500 for the first quarter of 2021. These expenses are paid as they are incurred. In anticipation of future growth, the company will purchase $80,000 of retail display equipment during the first quarter of 2021; this must all be paid in cash. (No depreciation is taken on this equipment in the first quarter.) The company has a line of credit with the bank of up to $50,000. Borrowing must be done in increments of $1,000 at the beginning of the period. Interest at 10% per annum is payable on the first day of the quarter following the quarter of borrowing. The company must maintain a minimum each Required: (round... ollected in the quarter, 20% in the following quarter and 10% collected in the second quarter ollowing the sale. Accounts receivable as at December 31, 2020, has resulted from 2020, last quarter sales of $300,000 and third quarter of 2020 sales of $180,000. Purchases of inventory for the first quarter of 2021, all on account, are expected to total $225,0 80% of the purchases will be paid for in the first quarter, and the balance will be paid for in the second quarter. All of the accounts payable at December 31, 2020, will be paid during the first quarter of 2021. The budgeted inventory at the end of the first quarter of 2021 is $66,000. Selling and Administrative expenses, including $10,000 of depreciation, are expected to be $92,50 for the first quarter of 2021. These expenses are paid as they are incurred. In anticipation of future growth, the company will purchase $80,000 of retail display equipment during the first quarter of 2021; this must all be paid in cash. (No depreciation is taken on this equipment in the first quarter.) The company has a line of credit with the bank of up to $50,000. Borrowing must be done in increments of $1,000 at the beginning of the period. Interest at 10% per annum is payable on the first day of the quarter following the quarter of borrowing. The company must maintain a minimum cash balance of $5,000. equired: (round to the nearest whole number) a. Prepare a schedule of cash receipts for the first quarter of 2021. (4 marks) b. Prepare a schedule of cash disbursements for inventory purchases for the first quarter of 2021. (2 marks) c. Prepare a cash budget for the first quarter of 2021. (6 marks) d. Calculate the Property, Plant and Equipment (net) value to be reported on the budgeted balance sheet as at March 31, 2021. (2 marks) e. Calculate the amount of cost of goods sold to be reported on the budgeted income statement for the first quarter ended March 31, 2021