Question: please help asap . Given the assumptions below concerning the Speedy Growth Company, construct the income statement, balance sheet and cash inflow-outflow statement for the
. Given the assumptions below concerning the Speedy Growth Company, construct the income statement, balance sheet and cash inflow-outflow statement for the company for the month of MARCH (you can either use Excel or fill in the statements on the following page -- the entries on the following page should help "guide you to the correct solutions). ASSUMPTIONS: Initial investment (made on January 1 when company begins operations) - $900,000 Selling price - $125 per unit; COGS - $80 per unit, Fixed costs $30,000 per month; tax rate - 15% Credit policy.net 40 days (assume 10% of sula are on credit and 30% of sales are for cash) -all sales are eventually collected, meaning there is no bad debt. o Since sales in January - 5000 units (see below), collections of cash sales in January will be (3045000($125) = $187,500; collections of credit sales will be $0 since the ACP is greater than 30 days. And, accounts receivable on the January B's will be ( 7075000X$ 125) - $437.500 (le. all sales to date that have not yet been collected). Inventory policy - 10-day supply o Note that this means inventory at the end of the month will be 1030 of sales for that month. Thus, given that January sales - 5,000 units (see below), January ending inventory will be 1666.67 units; inventory is carried at cost (i,e, at $80 per unit), thuas Janury inventory on the balance sheet - 133,333 - round all values to nearest whole number (thus, round $133,333 33 to $133,333) All bills are paid immediately (this implies that accounts payable and seruals = 50). Dividends = $20,000 per month; There are 30 days in every month: All revenues, costs, cash inflows and cash outflows are evenly distributed through the month fadditional funds are needed, these will be in the form of debt (i.e., bank loans). The company will borrow money if cash. 50 on the balance sheet. The amount borrowed will be what is necessary to balance the balance sheet with cash $0. Monthly Sales: January 5,000 units, February = 9,000 units, March = 16,000 units Use the statements you created to answer the following questions. Record all answers in a dollar amount pounded te zero (9) decimal placen but do not recorda dollar sign or any comus If your answer is negative era low), puta Hyphen before your answer with no space between the sign and the number. For example, second negative $23.243.83 -23244 15. Net income in March 16. Addition to retained camings in March 17 Accounts recevable in March . 18. Debt in March 19. Collection of cash sales collection of credit sales in March 20. Net cash flow in March
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