You are the Buiness Manager of Garden Sales, Inc and the bank has asked you to prepare a cash and earnings tadped forocast and Pro-Forma Balance Shoct and Income Statement for the next quarter. After your discussion with he virious departments, you have come up with the following information/assumptions: November 2022 and December 2022 sales wre $105,000, each month Sales for the following three months will decrease by $1,000 each month, beginning January through April, Cost of Goods Sold represents 6095 of sales, each month. Cash Operating Expenses are 20% of siles, exclisive of Depreciation expense Depreciation Expense is $3,000, per month and prepaid rent is amortized at $1,200 per month of the month's sales, 30% is collected as cash with the remaining placed on customer's account. Customer's accounts are usually paid off over a 2 month period ( 50% each month) beginning the month following the sale The CFO just informed you that one customer has filed banicruptcy therefore, $5,500 from Nov AVR Sales will be written off in Jan to Bad Debt Exp. To maintain sufficient inventory, the company purchases 100% of the next month's cost of sales. They pay for 60%, in cash, in the month they purchase and pay the remaining 40% in the following month. In March, the company is planning on replacing an outdated machine. The new machine will cost $30,000. The old machine originally cost $12,000, with a Net Book Value of $,000 and will be sold for $3,000. The Company does not pay or accrue for taxes until the end of December. The Company plans to pay a cash dividend of $10,000 at the end of March. Assume all operating expenses incurred during the month are paid, in cash, during the same month incurred The Note. Payable requires a principal payment of $8,300, plus interest of $800, at the end of March. For this note, no interest is Accrued/Expensed until interest is paid The minimum cash month end balance required according to the bank agreement is $60,000 for any given month geginning Jan 31, 2023. working capital line of credit is available, up to $0,000, and if needed, money is taken out at the beginning of the nonth. Interest is 1% per month. terest is paid on the working capital line when principal payments are paid on the debt; at the end of any given month. terest is accrued on the working capital line effective the beginning of the month when money is received. pare a detailed Cash Budget/Forecast for each month of Jan, Feb and March, 2023 pare an Income Statement for each period Jan-Mar 2023 (in good form) are a Balance Shect as of March 31, 2023 (in good form) rough you may use Excel, this assignment must be tumed in as a HAND-WRITIEN document. This sheet must be turned in with your assignment. No exceptions. Check Figures for 03/31 Total Interest Exp: (3mo) \$842.13 Total Equity: $983,547.87 You are the Buiness Manager of Garden Sales, Inc and the bank has asked you to prepare a cash and earnings tadped forocast and Pro-Forma Balance Shoct and Income Statement for the next quarter. After your discussion with he virious departments, you have come up with the following information/assumptions: November 2022 and December 2022 sales wre $105,000, each month Sales for the following three months will decrease by $1,000 each month, beginning January through April, Cost of Goods Sold represents 6095 of sales, each month. Cash Operating Expenses are 20% of siles, exclisive of Depreciation expense Depreciation Expense is $3,000, per month and prepaid rent is amortized at $1,200 per month of the month's sales, 30% is collected as cash with the remaining placed on customer's account. Customer's accounts are usually paid off over a 2 month period ( 50% each month) beginning the month following the sale The CFO just informed you that one customer has filed banicruptcy therefore, $5,500 from Nov AVR Sales will be written off in Jan to Bad Debt Exp. To maintain sufficient inventory, the company purchases 100% of the next month's cost of sales. They pay for 60%, in cash, in the month they purchase and pay the remaining 40% in the following month. In March, the company is planning on replacing an outdated machine. The new machine will cost $30,000. The old machine originally cost $12,000, with a Net Book Value of $,000 and will be sold for $3,000. The Company does not pay or accrue for taxes until the end of December. The Company plans to pay a cash dividend of $10,000 at the end of March. Assume all operating expenses incurred during the month are paid, in cash, during the same month incurred The Note. Payable requires a principal payment of $8,300, plus interest of $800, at the end of March. For this note, no interest is Accrued/Expensed until interest is paid The minimum cash month end balance required according to the bank agreement is $60,000 for any given month geginning Jan 31, 2023. working capital line of credit is available, up to $0,000, and if needed, money is taken out at the beginning of the nonth. Interest is 1% per month. terest is paid on the working capital line when principal payments are paid on the debt; at the end of any given month. terest is accrued on the working capital line effective the beginning of the month when money is received. pare a detailed Cash Budget/Forecast for each month of Jan, Feb and March, 2023 pare an Income Statement for each period Jan-Mar 2023 (in good form) are a Balance Shect as of March 31, 2023 (in good form) rough you may use Excel, this assignment must be tumed in as a HAND-WRITIEN document. This sheet must be turned in with your assignment. No exceptions. Check Figures for 03/31 Total Interest Exp: (3mo) \$842.13 Total Equity: $983,547.87