I only need help with Steps 3 & 4. I have posted the beginning information but the Cash sheet is where I am having trouble.

Check figures included in pictures

E-Lan Electronics Budgeting Project As the head accountant for E-Lan Electronics, you are responsible to prepare the company's master budget for the next fiscal period. The administrative and divisional managers have prepared the appropriate information (found below) for you to prepare the budget. In addition to the compiled information, you will also find the budgets, reports, questions, and statements required by the CFO. E-Lan Electronics Budgeting Project Step 2 E-Lan Electronics is now preparing the budget for direct materials purchases, direct labor, and manufacturing overhead. Each unit production requires 1 Gizmo and 3 Flobs E-Lan pays $ 7 per Gizmo and $ 2.50 per Flob Step 1 Management prefers to maintain ending raw materials inventory equal to materials 30% of next month needed in production. E-Lan Electronics produces Widgets for sale at local electronic stores. The company is in the process of creating a master budget for the first quarter of the coming year Raw materials inventory at the end of last year met that requirement Each unit of production requires 0.8 direct labor hours at a cost of $ 18.00 per hour. Results from the prior year are: Last Year Variable overhead costs are: Units January 220,000 Indirect materials $ 0.38 per unit February 268,000 Indirect Labor Other $ 1.20 per unit $ 1.12 per unit March 240,000 Fixed overhead costs per month: April 210,000 Salaries $ 212,000 May 230,000 Rent $ 16,000 Unit Sales are to expected increase 15% and each unit is expected to sell for $40. The management prefers to maintain ending finished goods inventory equal to 10% of next month's sales. Depreciations 1. Prepare a sales budget for E-Lan Electronics 1. Prepare a direct materials purchases budget for E-Lan Electronics Serial Account 2. Prepare a production budget for E-Lan Electronics 2. Prepare a direct labor budget for E-Lan Electronics 3. Prepare a manufacturing overhead budget for E-Lan Electronics E-Lan Electronics Budgeting Project E-Lan Electronics Budgeting Project Step3 (page 2) Step 3 E-lan Electronics expects the following as pertaining to the capital expenditures and cash budgets. Capital Expenditures The company plans to purchase selling and administrative equipment totaling $ 180,000 E-Lan Electronics expects the following Selling and Administrative Expenses The company plans to purchase Production equipment totaling $ 3,100,000 Salaries $ 15,000 Rent $ 17,000 Both will be purchased at the end of the March from operating cash flow and will not affect depreciation expense for the first quarter. Advertising $ 82,000 Depreciation $ 18,500 Cash Budget All sales are on credit. The company expects to collect 75% of sales in the month of sale, 22% of sales in the month following the sale, 3% percent will be uncollectable. Accounts receivable at the end of last year totaled $ 1,980,000 This represents the collectable amount of December sales. Other $ 6,700 Sales Commissions $ 1.50 Per Unit The company give credit terms of 2 / EOM, n/EOM second month Interest 12% annual rate. Paid on last months ending balance of Credit Line All direct materials purchases are on credit. The company expects to pay 70% of purchases in the month of purchase and 30% the following month. 1. Prepare a selling and Administrative Budget Accounts Payable to be paid in January is $ 1,640,000 2. Prepare a capital expenditures budget The company has a credit line of $3,000,000 for operations with an interest rate of 12% APR. At the end of every month, the cash balance should be a minimum of $ 50,000. 3. Prepare a cash budget The cash budget should include an estimate of amounts to be borrowed or returned to the credit line, and an estimated balance of the credit line. 4. What Problems exists in regards to the operating line? What is the cause? What should be done to remedy the situation? How much would it save the company going forward? The Credit line has a balance at the end of December of $ 362,000 The company has good credit and can borrow funds on a secured basis at 4% but has not done so. 5. Prepare a budgeted Income Statement (Cost of Goods Sold should be calculated based on estimated costs of production for the quarter.) E-Lan Electronics Budgeting Project Step 4 Net Plant and Equipment as of December 31 was Common Stock account Did not change Retained Earnings as of December 31 was $ 7,800,000 $ 1,200,000 $ 8,575,191.93 Prepare the Budgeted Balance Sheet. Check Figures Total Sales Total Raw Materials Purchased Total Direct Labor Cost (March) Budgeted Production Cost per Unit Ending Finished Goods Inventory Total S&A Expenses Total Financing Net Income $33,488,000 $12,058,693 $3,924,720 $3.615 $785,237.66 $2,678,040 $1,267,372 $3,077,430 $15,268,067.66 Quarter) (Quarter) (End of March) Total Assets E-Lan Electronics Budgeting Project As the head accountant for E-Lan Electronics, you are responsible to prepare the company's master budget for the next fiscal period. The administrative and divisional managers have prepared the appropriate information (found below) for you to prepare the budget. In addition to the compiled information, you will also find the budgets, reports, questions, and statements required by the CFO. E-Lan Electronics Budgeting Project Step 2 E-Lan Electronics is now preparing the budget for direct materials purchases, direct labor, and manufacturing overhead. Each unit production requires 1 Gizmo and 3 Flobs E-Lan pays $ 7 per Gizmo and $ 2.50 per Flob Step 1 Management prefers to maintain ending raw materials inventory equal to materials 30% of next month needed in production. E-Lan Electronics produces Widgets for sale at local electronic stores. The company is in the process of creating a master budget for the first quarter of the coming year Raw materials inventory at the end of last year met that requirement Each unit of production requires 0.8 direct labor hours at a cost of $ 18.00 per hour. Results from the prior year are: Last Year Variable overhead costs are: Units January 220,000 Indirect materials $ 0.38 per unit February 268,000 Indirect Labor Other $ 1.20 per unit $ 1.12 per unit March 240,000 Fixed overhead costs per month: April 210,000 Salaries $ 212,000 May 230,000 Rent $ 16,000 Unit Sales are to expected increase 15% and each unit is expected to sell for $40. The management prefers to maintain ending finished goods inventory equal to 10% of next month's sales. Depreciations 1. Prepare a sales budget for E-Lan Electronics 1. Prepare a direct materials purchases budget for E-Lan Electronics Serial Account 2. Prepare a production budget for E-Lan Electronics 2. Prepare a direct labor budget for E-Lan Electronics 3. Prepare a manufacturing overhead budget for E-Lan Electronics E-Lan Electronics Budgeting Project E-Lan Electronics Budgeting Project Step3 (page 2) Step 3 E-lan Electronics expects the following as pertaining to the capital expenditures and cash budgets. Capital Expenditures The company plans to purchase selling and administrative equipment totaling $ 180,000 E-Lan Electronics expects the following Selling and Administrative Expenses The company plans to purchase Production equipment totaling $ 3,100,000 Salaries $ 15,000 Rent $ 17,000 Both will be purchased at the end of the March from operating cash flow and will not affect depreciation expense for the first quarter. Advertising $ 82,000 Depreciation $ 18,500 Cash Budget All sales are on credit. The company expects to collect 75% of sales in the month of sale, 22% of sales in the month following the sale, 3% percent will be uncollectable. Accounts receivable at the end of last year totaled $ 1,980,000 This represents the collectable amount of December sales. Other $ 6,700 Sales Commissions $ 1.50 Per Unit The company give credit terms of 2 / EOM, n/EOM second month Interest 12% annual rate. Paid on last months ending balance of Credit Line All direct materials purchases are on credit. The company expects to pay 70% of purchases in the month of purchase and 30% the following month. 1. Prepare a selling and Administrative Budget Accounts Payable to be paid in January is $ 1,640,000 2. Prepare a capital expenditures budget The company has a credit line of $3,000,000 for operations with an interest rate of 12% APR. At the end of every month, the cash balance should be a minimum of $ 50,000. 3. Prepare a cash budget The cash budget should include an estimate of amounts to be borrowed or returned to the credit line, and an estimated balance of the credit line. 4. What Problems exists in regards to the operating line? What is the cause? What should be done to remedy the situation? How much would it save the company going forward? The Credit line has a balance at the end of December of $ 362,000 The company has good credit and can borrow funds on a secured basis at 4% but has not done so. 5. Prepare a budgeted Income Statement (Cost of Goods Sold should be calculated based on estimated costs of production for the quarter.) E-Lan Electronics Budgeting Project Step 4 Net Plant and Equipment as of December 31 was Common Stock account Did not change Retained Earnings as of December 31 was $ 7,800,000 $ 1,200,000 $ 8,575,191.93 Prepare the Budgeted Balance Sheet. Check Figures Total Sales Total Raw Materials Purchased Total Direct Labor Cost (March) Budgeted Production Cost per Unit Ending Finished Goods Inventory Total S&A Expenses Total Financing Net Income $33,488,000 $12,058,693 $3,924,720 $3.615 $785,237.66 $2,678,040 $1,267,372 $3,077,430 $15,268,067.66 Quarter) (Quarter) (End of March) Total Assets