Needing some help with this. I will include instructions and information. Please include formulas for the yellow parts. The check figures are the correct answers.

Objective: To understand and apply the basic concepts of profit planning. Required: Prepare a comprehensive 12-month Master Budget, including supporting schedules and Annual Financial Reports for the period of January 1, 2023 through December 31, 2023 for LINQ MED Corp. This project includes a complete budget template that makes up the Master Budget. The total column at the right of each table should be annual totals if that is appropriate. Some cells don't make sense to have a total, such as the price per unit row. Another example is Cash disbursement total column: the first line beginning cash wouldn't be total of all the beginning months, it would be the Jan 1st amount. Use logic to determine what amount should be reported in these total columns. NOTE: some budgets have prior year months in them, DO NOT include those months in the Totals for the current year. INFORMATION FOR N-TET CORP. LINQ MED Corp. is a company that sells a highly specialized product, a neural Al learning processor. A small German engineering firm produces the item exclusively for LINQ MED Corp.; Therefore they have no manufacturing related costs. PRODUCT COSTS As of Nov of 2022, each unit costs LINQ MED Corp. $623 per an existing contract, the cost of each unit is scheduled to increase by 9% on May 1, 2023. Rare earth minerals are used in production of the item. Analysis has shown that there will be a shortage of these rare earth minerals due to a spike in their demand from production of electric vehicles. The cost is anticipated to increase by an additional 6.5\% on Sept 1, 2023. PRODUCT SALES LINQ MED Corp.sells each unit for $1,970 each. Projected Sales units: To offset increasing costs of product, the company plans to raise the sales price to $2,100 per unit beginning Sept 1 2023. The sales forecast (i.e., estimated sales in units) takes this price increase into account. CREDIT SALES Monthly sales are 4% cash sales, 96% credit sales. 36% of credit sales are collected in the month of sale, 47% are collected the following month, and 15% are collected the 2 nd month after sale. The remaining receivables are deemed uncollectible at the end of the 2 nd month after sale. Bad debts are written off in the month the debt is deemed uncollectible. MERCHANDISE INVENTORY The company policy regarding inventory is to maintain their ending inventory at 15% of the following month's forecasted sales in units. They use the first-in, first-out (FIFO) method in accounting for inventories. The company purchases all inventory on account, 35% of the inventory purchases are paid in the month of purchase with the remaining 65% paid the following month. EQUIPMENT The company purchased facilities and equipment the previous year with a Note Payable. In January a payment of $435,000 will be made, and the remaining balance will be paid with payments of $185,000 each month February through October 2023. OPERATING EXPEnSES Monthly Cash expenses are paid when incurred (Cash expenses are paid when incurred) CASH MANAGEMENT The company must maintain a minimum cash balance of $350,000. Borrowing can make up shortfalls. For simplicity, assume that the bank will only lend (and accept repayments) in $1,000 increments. (Ignore interest on the loans, but minimize the amount borrowed and pay off any loans as soon as possible.) DIVIDENDS Dividends of $850,000 are paid in Nov. BALANCE SHEET Balance Sheet balances as of December 31, 2022: At year-end 2023 the following was noted: A Supplies Inventory count was done at year-end: $2,200. Buildings and Equipment remained the same Capital Stock remained the same CHECK FIGURES Cash Collections Budget Total Cash Receipts for January: Total Cash Receipts, Total 2023 : Bad Debt Exp for January: Bad Debt Exp, Total 2023: $366,893 $6,107,494 $9,683 $112,718 Purchase Budget Cost of Purchases for Dec, 2023 : $255,148 Operating Expense Budget Cash disbursements for Op Exp for Dec: $104,717 Cash Budget Total cash available, Summary: Total Cash Disbursements, Summary: Ending Cash Balance for Dec: $6,533,494 $6,082,623 $450,871 Budgeted Income Statement Gross Profit, Total: Cost of Goods Sold Total: Net Income, Total: $4,314,612$2,187,628$3,031,831 Budgeted Balance Sheet Total Assets at Dec 31, 2023: $5,941,053 LINQ MED Corp. Cash Collections Budget For Year Ending Dec 31, 2023 Current month cash Sales Current month A/R Collections 1 month prior A/R Collections 2 months prior A/R Collections Total cash collections Bad Debt Expense Desired ending inventory \% LINQ MED Corp. Schedule of Budgeted Cash Disbursements for Merchandise Purchases For Year Ending Dec 31, 2023 Current month A/P Payments 1 month prior A/P Payments Cash disbursements for merchandise purchases Fixed Operating expenses: Variable Operating Expenses: Salary and Wage Exp Sales Commission Exp \% of Revenue Rent Exp Supplies Exp Gen \& Admin Variable Exp \% of Revenue LINQ MED Corp. Operating Expense Budget For Year Ending Dec 31, 2023 LINQ MED Corp. Inventory Data COGS Calculation using FIFO Cost Assumption LINQ MED Corp. Budgeted Balance Sheet as of Dec 31, 2023 Assets 2023 2022 Current Assets: Cash Accounts receivable Supplies Merchandise Inventory Plant and Equipment: Buildings and Equipment Accumulated Depreciation Total assets Liabilities and Equity Accounts Payable Notes Payable Capital stock Retained earnings Total liabilities and equity Objective: To understand and apply the basic concepts of profit planning. Required: Prepare a comprehensive 12-month Master Budget, including supporting schedules and Annual Financial Reports for the period of January 1, 2023 through December 31, 2023 for LINQ MED Corp. This project includes a complete budget template that makes up the Master Budget. The total column at the right of each table should be annual totals if that is appropriate. Some cells don't make sense to have a total, such as the price per unit row. Another example is Cash disbursement total column: the first line beginning cash wouldn't be total of all the beginning months, it would be the Jan 1st amount. Use logic to determine what amount should be reported in these total columns. NOTE: some budgets have prior year months in them, DO NOT include those months in the Totals for the current year. INFORMATION FOR N-TET CORP. LINQ MED Corp. is a company that sells a highly specialized product, a neural Al learning processor. A small German engineering firm produces the item exclusively for LINQ MED Corp.; Therefore they have no manufacturing related costs. PRODUCT COSTS As of Nov of 2022, each unit costs LINQ MED Corp. $623 per an existing contract, the cost of each unit is scheduled to increase by 9% on May 1, 2023. Rare earth minerals are used in production of the item. Analysis has shown that there will be a shortage of these rare earth minerals due to a spike in their demand from production of electric vehicles. The cost is anticipated to increase by an additional 6.5\% on Sept 1, 2023. PRODUCT SALES LINQ MED Corp.sells each unit for $1,970 each. Projected Sales units: To offset increasing costs of product, the company plans to raise the sales price to $2,100 per unit beginning Sept 1 2023. The sales forecast (i.e., estimated sales in units) takes this price increase into account. CREDIT SALES Monthly sales are 4% cash sales, 96% credit sales. 36% of credit sales are collected in the month of sale, 47% are collected the following month, and 15% are collected the 2 nd month after sale. The remaining receivables are deemed uncollectible at the end of the 2 nd month after sale. Bad debts are written off in the month the debt is deemed uncollectible. MERCHANDISE INVENTORY The company policy regarding inventory is to maintain their ending inventory at 15% of the following month's forecasted sales in units. They use the first-in, first-out (FIFO) method in accounting for inventories. The company purchases all inventory on account, 35% of the inventory purchases are paid in the month of purchase with the remaining 65% paid the following month. EQUIPMENT The company purchased facilities and equipment the previous year with a Note Payable. In January a payment of $435,000 will be made, and the remaining balance will be paid with payments of $185,000 each month February through October 2023. OPERATING EXPEnSES Monthly Cash expenses are paid when incurred (Cash expenses are paid when incurred) CASH MANAGEMENT The company must maintain a minimum cash balance of $350,000. Borrowing can make up shortfalls. For simplicity, assume that the bank will only lend (and accept repayments) in $1,000 increments. (Ignore interest on the loans, but minimize the amount borrowed and pay off any loans as soon as possible.) DIVIDENDS Dividends of $850,000 are paid in Nov. BALANCE SHEET Balance Sheet balances as of December 31, 2022: At year-end 2023 the following was noted: A Supplies Inventory count was done at year-end: $2,200. Buildings and Equipment remained the same Capital Stock remained the same CHECK FIGURES Cash Collections Budget Total Cash Receipts for January: Total Cash Receipts, Total 2023 : Bad Debt Exp for January: Bad Debt Exp, Total 2023: $366,893 $6,107,494 $9,683 $112,718 Purchase Budget Cost of Purchases for Dec, 2023 : $255,148 Operating Expense Budget Cash disbursements for Op Exp for Dec: $104,717 Cash Budget Total cash available, Summary: Total Cash Disbursements, Summary: Ending Cash Balance for Dec: $6,533,494 $6,082,623 $450,871 Budgeted Income Statement Gross Profit, Total: Cost of Goods Sold Total: Net Income, Total: $4,314,612$2,187,628$3,031,831 Budgeted Balance Sheet Total Assets at Dec 31, 2023: $5,941,053 LINQ MED Corp. Cash Collections Budget For Year Ending Dec 31, 2023 Current month cash Sales Current month A/R Collections 1 month prior A/R Collections 2 months prior A/R Collections Total cash collections Bad Debt Expense Desired ending inventory \% LINQ MED Corp. Schedule of Budgeted Cash Disbursements for Merchandise Purchases For Year Ending Dec 31, 2023 Current month A/P Payments 1 month prior A/P Payments Cash disbursements for merchandise purchases Fixed Operating expenses: Variable Operating Expenses: Salary and Wage Exp Sales Commission Exp \% of Revenue Rent Exp Supplies Exp Gen \& Admin Variable Exp \% of Revenue LINQ MED Corp. Operating Expense Budget For Year Ending Dec 31, 2023 LINQ MED Corp. Inventory Data COGS Calculation using FIFO Cost Assumption LINQ MED Corp. Budgeted Balance Sheet as of Dec 31, 2023 Assets 2023 2022 Current Assets: Cash Accounts receivable Supplies Merchandise Inventory Plant and Equipment: Buildings and Equipment Accumulated Depreciation Total assets Liabilities and Equity Accounts Payable Notes Payable Capital stock Retained earnings Total liabilities and equity