Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2021, for General Systems, Inc. General Systems, Inc. estimates that its sales in 2021 will be 7000000. Interest expense is to remain unchanged at $105000 and the firm plans to pay cash dividends of 160000 during 2021. General Systems, Inc.'s income statement for the year ended December 31, 2020 is shown below: Income statement General Systems, Inc. For the year ended December 31,2020 Sales Revenue $4200000 Less: Cost of Goods 3570000 sold Gross profits $630000 Less: Operating 210000 expenses Operating profits $420000 Less: Interest 105000 expense Profit before tax $315000 Less: Taxes (30%) 94,500 Net profit after taxes $220500 Less: Cash dividends 120000 To retained earnings $100500 Best Buy wants to prepare a cash budget for months of August through October. Sales were 50000 in June and 60000 in July. Sales have been forecasted to be 95000, 92000, 93000, for months of August, September, October, respectively. In the past, 20 percent of sales were on cash basis, and the collection were 50 percent after one month and 30 percent after two months .700 dollar of dividends from investments are expected to be received received in September Purchases are 60 percent of sales, 15 percent of which are paid in cash, and he rest is paid one month after purchase. The monthly rent is 2000 dollars. Taxes are $6500 payable in August. A new equipment will be purchased in October for $2300 $1000 loan payments are paid every month. Wages and salaries are $1000 plus 5 percent of sales in each month. July's ending cash balance is $3000. Best Buy would like to maintain a minimum cash balance of $10000