The Iggy Store is a retail fashion outlet. Prepare a master budget for the months January, February, and March 2023, and for the quarter, using the information provided below. Just need help with the income statement and balance sheet workings

The lggy Store is a retail fashion outlet. You are the controller of the company. Budgeted Sales Revenue: Use Exercise 8-12 (Week 09, 10/26/2022) as reference. Prepare a master budget for the months January, February, and March 2023, and for the quarter, using the information provided below. You must use Excel to prepare the budget and submit an Excel workbook. The master budget must include: November2022December2022January2023February2023March2023April2023$75,00072,00068,00080,00082,00085,000 - Schedule of Expected Cash Collections - Merchandise Purchases Budget - Schedule of Expected Cash Disbursements for Merchandise Purchases Budgeted Expenses (per month): - Selling and Administrative Expenses Budget - Cash Budget Salaries and wages - Budgeted Income Statement Advertising - Budgeted Balance Sheet Depreciation Shipping as a percent of sales (for sples $75,000 ) Shipping as a percent of sales (for sales >$75,000 ) Other expenses as a percent of sales The project will be graded based on accuracy of calculations, proper use of Excel formulas and references, as well as professional formatting. Additional Information: Gross profit rate Sales revenue collected in the The lggy Store month of sale first month following the sale second month following the sale Merchandise purchase paid in the Assets Cash Accounts receivable month of purchase 58,000 5,000 2,000 5% 4% 2% Inventory Plant and equipment, net Total assets first month following the purchase Required minimum inventory as a percent of next month's cost of goods sold Borrowing interest rate (per month) Required minimum cash balance Salaries and wages, advertising, shipping, and other expenses are paid in cash Liabilities Accounts payable Stockholders' Equity in the month incurred. The company plans to pay dividends of $3,000 in Common stock January and purchase equipment for $8,000 at the end of March. Retained earnings Total liabilities and stockholders' equity The company has an agreement with a local bank that allows the company to borrow and repay in increments of $1,000. Interest is paid at the end of every month based on the loan outstanding