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You have been provided information to help you prepare the master budget plan of Academy corporation as of January 1 2024. Must Be Done In

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You have been provided information to help you prepare the master budget plan of Academy corporation as of January 1 2024. Must Be Done In Excel thanks.

- Cash balance =$8,241 - Marketable investments =$64,000 (cost and fair value) - Accounts receivables, net of allowance =$81,500 - Finished goods inventory =$41,000 - Property, Plant \& Equipment, net of accumulated depreciation =$352,645 - Accounts payable =$38,155 - Note payable (due Jan 2023) =$49,000 - Stockholders' equity, consisting of common stock =$200,000 and retained earnings =$260,231 The accounts receivable at the end of 2023 will be collected in January 2024. Likewise, the accounts payable due at the end of December 2023 will be paid in January 2024. Sales for the next four months are expected to be as shown below: - January 2024=$205,000 - February 2024=$255,000 - March 2024=$300,000 - April 2024=$240,000 Going forward, it is expected that 50% of all monthly sales will be received immediately in cash; 30% of each month's sales will be collected in the following month; 15% will be collected in the second month following the month of sale; and the remaining 5% will be considered uncollectible. Cost of goods sold is 70% of sales. At the end of each month, the company would like to have an amount equal to 45% of the following month's cost of goods sold as its ending inventory. Based on the above information, prepare for January 2024, February 2024 and March 2024, and for the 1st quarter of 2024 1. Schedule of expected cash collections 2. Merchandise purchase budget 3. Schedule of expected cash disbursements for merchandise purchases 4. Schedule of expected cash disbursements for selling \& admin. expenses 5. Cash budget 6. Budgeted Income Statement (only for the whole quarter, not monthly) 7. Budgeted Balance Sheet (only at the end of March 2024)

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