Please help me on all the ones marked incorrect/red. I gave all the parts just in case. Parts H,I and J are the parts I need help with.

Required a. October sales are estimated to be $280,000, of which 45 percent will be cash and 55 percent will be credit The company expects sales to increase at the rate of 25 percent per month. Prepare a sales budget. I). The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. c. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $13,600. Assume that all purchases are made on account. Prepare an inventory purchases budget. d. The company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the following month. Prepare a cash payments budget for inventory purchases. e. Budgeted selling and administrative expenses per month follow. Salary expense {fixed} $19.68!! Sales commissions 5% of Sales Supplies expense 2% of Sales Utilities (fixed) 3 3,988 Depreciation on store fixtures [fixedhs $ 5,588 Rent (fixed) $ 6,488 Miscellaneous {fixed} 5 2,338 *The capital expenditures budget indicates that Vernon will spend $237,600 on October1 for store xtures. which are expected to have a $35,000 salvage value and a three-year {36-month} useful life. Use this information to prepare a selling and administrative expenses budget. f. 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. Prepare a cash payments budget for selling and administrative expenses. 9. Vernon borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of1 percent per month in cash on the last day of the month. To be prudent. the company desires to maintain a $28,000 cash cushion. Prepare a cash budget h. Prepare a pro forma income statement for the quarter. . Prepare a pro forma balance sheet at the end of the quarter. J. Prepare a pro forma statement of cash ows for the quarter. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] October sales are estimated to be $280,000, of which 45 percent will be cash and 55 percent will be credit. The company expects sales to increase at the rate of 25 percent per month. Prepare a sales budget. October November December Sales Budget Cash sales 126,000 $ 157,500 V $ 196,875 Sales on account 154,000 V 192,500 V 240,625 Total budgeted sales $ 280,000 $ 350,000 $ 437,500 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] :The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts. October November December Schedule of Cash Receipts Current cash sales $ 126,000 $ 157,500 $ 196,875 Plus collections from A/R 154,000 V 192,500 V Total collections $ 126,000 $ 311,500 $ 389,375 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] :The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month's cost of goods sold. However, ending inventory of December is expected to be $13,600. Assume that all purchases are made on account. Prepare an inventory purchases budget. October November December Inventory Purchases Budget Budgeted cost of goods sold V $ 168,000 $ 210,000 $ 262,500 Plus: Desired ending inventory V 21,000 V 26,250 V 13,600 Inventory needed 189,000 236,250 276,100 Less: Beginning inventory 21,000 26,250 Required purchases (on account) $ 189,000 $ 215,250 $ 249,850 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] :The company pays 80 percent of accounts payable in the month of purchase and the remaining 20 percent in the following :month. Prepare a cash payments budget for inventory purchases. (Round your final answers to the nearest whole dollar [amounts.) October November December Schedule of Cash Payments Budget for Inventory Purchases Payment of current month's accounts payable $ 151,200 $ 172,200 $ 199,880 Payment for prior month's accounts payable 37,800 43,050 Total budgeted payments for inventory $ 151,200 $ 210,000 $ 242,930 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] :Prepare a selling and administrative expenses budget. October November December Selling and Administrative Expense Budget Salary expense 19,600 19,600 $ 19,600 Sales commissions 14,000 17,500 21,875 Supplies expense 5,600 7,000 8,750 Utilities 3,000 3,000 3,000 Depreciation on store fixtures 5,600 V 5,600 V 5,600 Rent 6,400 6,400 6,400 Miscellaneous 2,800 V 2,800 2,800 Total S&A expenses $ 57,000 $ 61,900 $ 68,025 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] :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. Prepare a cash payments budget for selling and administrative expenses. October November December Schedule of Cash Payments for S&A Expenses Salary expense $ 19,600 V $ 19,600 $ 19,600 Sales commissions 14,000 17,500 Supplies expense 5,600 7,000 8,750 Utilities 3,000 3,000 Depreciation on store fixtures Rent 6,400 6,400 6,400 V Miscellaneous 2,800 2,800 2,800 Total payments for S&A expenses 34,400 $ 52,800 $ 58,050 Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] Vernon borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. 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 prudent, the company desires to maintain a $28,000 cash cushion. Prepare a cash budget. (Any repayments should be indicated with a minus sign.) : Show less A: Cash Budget October November December Section 1: Cash Receipts Beginning cash balance $ O $ 28,800 $ 28,000 Add: Cash receipts 126,000 311,500 389,375 Total cash available 126,000 340,300 417,375 Section 2: Cash Payments For inventory purchases V 151,200 210,000 242,930 For selling and administrative expenses V 34,400 52,800 58,050 Purchase of store fixtures 237,600 Interest expense 3,260 2,798 Total budgeted disbursements 423,200 266,060 303,778 Section 3: Financing Activities Surplus (shortage) (297,200) 74,240 113,597 Borrowing (repayment) 326,000 (46,240) (85,597) Ending cash balance $ 28,800 $ 28,000 $ 28,000Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] Prepare a pro forma income statement for the quarter. VERNON COMPANY Pro Forma Income Statement For the Quarter Ended December 31, Year 1 Sales revenue $ 1,067,500 Cost of goods sold 640,500 Gross margin V 427,000 Selling and administrative expenses V X Operating income V 427,000 Interest expense O X Net income $ 427,000Required A Required B Required C Required D Required E Required F Required G Required H Required I Required J Prepare a pro forma balance sheet at the end of the quarter. (Amounts to be deducted should be indicated by a minus sign.) VERNON COMPANY Pro Forma Balance Sheet December 31, Year 1 Assets Cash 280,000 X Accounts receivable 240,625 Inventory 13,600 Accumulated depreciation $ 5,600 X Store fixtures 237,600 Book value of fixtures 243,200 Total assets $ 777,425 Liabilities Accounts payable 49,970 Sales commissions payable 21,875 Utilities payable 3,000 Line of credit liability OX Equity Retained earnings 234,015 X Total liabilities and equity 308,860Required A Required B Required C Required D Required E Required F Required G Required H Required I Required ] Prepare a pro forma statement of cash flows for the quarter. (Cash outflows should be indicated with a minus sign.) VERNON COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, Year 1 Cash flows from operating activities Cash receipts from customers $ 826,875 Cash payments for inventory O X Cash payments for interest expense 0 x Cash payments for selling and administrative expenses O X Net cash flows from operating activities $ 826,875 Cash flows from investing activities Cash payment for store fixtures V (237,600) Cash flow from financing activities Net inflow from line of credit V O X Net increase in cash V O X Ending cash balance $ 0