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Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash $ 21, 060 Accounts receivable 520, 060 Inventory 142, 560 Equipment $ 576,090 Less: Accumulated depreciation 72, 090 Equipment, net 504, 060 Total assets $ 1, 187, 500 Liabilities and Equity iabilities Accounts payable $ 370, 000 Loan payable 11, 000 Taxes payable (due March 15) 90 , 000 $ 471, 006 Equity Common stock $ 473, 060 Retained earnings 243 , 500 Total stockholders' equity 716, 500 Total liabilities and equity $ 1, 187 , 500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $30 per unit and resold for $56 per unit. The inventory level of Prev. 2 of 2 Next O Search a hpsignment For Selling, general and administrative expenses Total operating expenses Prev. 2 of 2 Next Search a hpHomework: Strategic Tools Assignment Saved 2 March 31 Assets 15 points Total current assets eBook Print Equipment, Net Total assets Liabilities and Equity Liabilities Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity Mc Graw