Please help walk me through this.

Mainly looking for how to do #7 and #8.

Near the end of 201?, the management of LuLu Toy Co., a merchandising company, prepared the following estimated balance sheet for December 31, 201?. LULU TOY COMM Estimated Balance Sheet December 31, 201? Assets Liabilities and Equity Cash $36,500 Accomts payable $380.11!) Accounts receivable 520,000 Bank loan payable 15,000 Inventory no can ;igh' {M 91 can Total current assets 661,500 Total liabilities $486,000 Equipment $536,111} Cinnamon stock 473.500 :mm as are 469,000 Retained eamtngs m can Total stockholdersI equity 644,500 Total assets $1,130,500 Total liabilities and equity $1,130,500 To prepare a master budget for January, February, and March of 2013, management gathers the following information. a. Lulu Toy Company's single product is purchased for $20 per unit and resold for $53 per unit; The expected inverttory level of5,250 writs on December 3], 20\