Budgeting Using Excel Due: 11:59 p.m., April 13, 2023 on Brightspace The Iggy Store is a retail fashion outlet. You are the controller of the company. Use Exercise 8-12 (Week 11, 3/21/2023) as reference. Prepare a master budget for the months January, February, and March 2024, 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 most include: Schedule of Expected Cash Collections Merchandise Purchases Budget Schedule of Expected Cash Disbursements for Merchandise Purchases Selling and Administrative Expenses Budget Cash Budget Budgeted Income Statement Budgeted Balance Sheet The project will be graded based on accuracy of calculations, proper use of Excel formulas and references, as well as professional formatting. The Iggy Store Balance Sheet as at December 31, 2023 Assets Cash $ 11,250 Accounts receivable 79,950 Inventory 20,400 Plant and equipment, net 200,000 Total assets $ 311,600 Liabilities Accounts payable $ 23,760 Stockholders' Equity Common stock 180,000 Retained earnings 107,840 Total liabilities and stockholders' equity $ 311,600 Budgeted Sales Revenue: November 2023 $ 75,000 December 2023 72,000 January 2024 68,000 February 2024 80,000 March 2024 82,000 April 2024 85,000 Budgeted Expenses (per month): Salaries and wages $ 8,000 Advertising 5,000 Depreciation 2,000 Shipping as a percent of sales (for sales 5 $75,000) 5% Shipping as a percent of sales (for sales > $75,000) 4% Other expenses as a percent of sales 2% Additional Information: Gross profit rate 25% Sales revenue collected in the month of sale 15% first month following the sale 60% second month following the sale 25% Merchandise purchase paid in the month of purchase 55% first month following the purchase 45% Required minimum inventory as a percent of next month's cost of goods sold 40% Borrowing interest rate (per month) 1% Required minimum cash balance $ 10,000 Salaries and wages, advertising, shipping, and other expenses are paid in cash in the month incurred. The company plans to pay dividends of $3,000 in January and purchase equipment for $8,000 at the end of March. 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.