w ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/ques Saved Help Save & Ex GET All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $19,200 in new equipment during May and $48,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $16,600 each quarter, payable in the first month of the following quarter. The company's balance sheet at March 31 is given below: Assets Cash Accounts receivable ($34,000 February sales; $376,000 March sales) Inventory Prepaid insurance Pixed assets, net of depreciation Total assets. Liabilities and Shareholders' Equity Accounts payable Dividends payable Common shares Retained earnings Total liabilities and shareholders' equity $ 82,000 410,000 116,800 32,200 990,000 $1,631,000 $ 114,800 16,600 880,000 619,600 $1,631,000 The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Required: 1. Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: a. A sales budget by month and in total. Sales budget Budgeten sales in units Selling price per unit Total saira April May Juna Quarter $ $ 0 3 0 S 0 Proy 1 of 1 Next # $ % A & 2 3 4 5 6 7 SKI Call w> 00 9 ww sm 732 W E R T Y U S 9 D F G H J K X C V H B N M V P H natio Check