Hello! I would appreciate if you could help me figure out how to do the part g. Cash Budget and the Income Statement and Blance Sheet. Here is all the information needed. Thank you in advance!

Question 1 in this assignment will not be graded. However you NEED it for the facts of the problem assigned specifically to you and you will use it to check answers from the excel spreadsheet You will turn in the excel spreadsheet as your Budget Project, part 1 and THAT will be graded. Once you get the correct numbers in your spreadsheet you do not to to re-enter them below. Just enter the numbers you are still needing to check. (Remember, Question . is not graded.) Question 2 in this assignment must be completed in OWL and is GRADED. Your points on this question are your grade for Budget Project, part 2 Save your excel budget as you go. You will need it to complete OWL question 2, as well as to turm in as Budget Project, Part 1 Fabulous is a retail company that sells specialized gardening products. The company is considering opening a new store on October 1, Year1. As budget coordinator, you have been asked to prepare a master budget for the first 3 months of the company's operation. You have gathered the following information: October sales are estimated to be $500000 of which 45 percent will be cash and the remainder will be on credit. The company expects all sales to increase at the rate of 10 percent per month for November and December. Sales in January Year 2 are expected to be $400000 The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a sales budget and a schedule of cash receipts using these facts and your excel template. Check your answers here before moving to the next part, by completing the cells requested in the chart below a. Sales Budget Cash sales October November December Total-Qtr 744750 247500 332760 Sales on account Total budgeted sales 500000 166500 b. Schedule of Cash Recelpts Current cash sales Plus collections from AR Total collections October December Total-Qtr November 275000 226000 1322250 The cost of goods sold is 80 percent of sales. The company desires to maintain a minimum ending inventory equal to 30 percent of the next month's cost of goods sold. (Ending inventory for December is based on budgeted January Year2 sales.) Assume that all inventory purchases are made on account (on credit). The company pays 40 percent of accounts payable in the month of purchase and the remaining amount in the following month. In excel, prepare an inventory purchases budget and a cash payments budget for inventory purchases. Use the check figures below before you continue Inventory Purchases Budget October November December Total-Qtr ed cost of goods sold 484000 s desired ending inventory 145200 nventory needed 1420000 s beginning inventory 132000 purchases (on account) 1420000 d. Cash payments for inventory Payment of current month's A/P Payment for prior month's A/P Total budgeted payments Budgeted selling and administrative expenses per month follow. October November December Total-Qtr 181280 591120 319200 1159120 Salary expense (fixed): $38400 Sales commissions: 5 percent of Sales . Supplies expense: 2 percent of Sales . Utilities (fixed): $3200 Depreciation on store equipment (fixed) . Rent (fixed)$12000 You compute Miscellaneous (fixed):$2000 The capital expenditures budget indicates that the company will spend $900000 on October 1 for store fixtures, which are expected to have a $24000 residual value and a 96 month useful life Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. In excel, prepare the selling and administrative expenses budget and the cash payments budget for selling and administrative expenses. Check the key figures below. Selling and AdminExpense Budget Salary expense Sales commissions Supplies expense Utilities October November DecemberTotal-Qtr 27500 3200 9125 Depreciation on store fixtures Rent Miscellaneous Total S&A expenses 310025 f. Cash payments for S&A Salary expense Sales commissions Supplies expense Utilities October November December Total-Qtr 26000 Depreciation on store fixtures Rent Total payments for S&A expenses Fabulous issued common stock for S600000 on October 5. A dividend of $2600 was paid on December 15. The company borrows and repays funds in increments of $1,000 on the last day of the month. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be 249200 prudent, the company desires to maintain a $40000 cash cushion. Prepare a cash budget on your excel template. Check key figure below. g. Cash Budget Beginning cash balance Issuance of stock Collections from customers October Novembe DecemberTotal-Qtr 40800 225000 Cash available 192225 Less payments For inventory purchases For S&A expenses Purchase of store fixtures Pay dividend Interest expense Total budgeted payments Cash balance before borrow/repay act Borrowing (repayment) Ending cash balance Use your excel spreadsheet, completed as part of Question 1, to complete the following budgets for Fabulous Company Budget h. Income statement for the quarter ended December 21, Year1 Budget i. Balance sheet as of December 31, Year Note: This is one large problem so for full credit all answer boxes must be correct at the same time. If you choose Resubmit trom the bottom of the page, you will only need to input the numbers you want to change. Submit or resubmit until they are all correct Income statement Input expenses as negatives. Use a minus sign in front of the number. Cost of goods sold ross margin expenses rating income ncome Balance Sheet Enter any contra-assets as negative numbers. Use a minus sign. Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Total assets Accounts payable Utilities payable Sales commissions payable Line of credit liability Total liabilitles Equity Common stock Retained earnings Total equity Total liabilities and equity