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Cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Cash Budget January February March Beginning cash balance $ 22,000 $ 51,280 x $ 216,800 x Add: Cash receipts from sales 24,500 x 698,770 492,099 Total cash available 46,500 750,050 708,899 Less: Cash payments for: Merchandise purchases V 65,000 314,000 92,800 Sales commissions 82,600 x 103,250 x 129,800 X Maintenance 2,000 2,000 2,000 Purchase of land 160,000 Purchases of equipment 36,000 96,000 21,600 Taxes 89,000 Additional loan (loan repayment) X 12,000 x Loan interest 120 Sales salaries 6,000 6,000 6,000 General & administrative salaries 12,000 12,000 12,000 Total cash payments 215,720 533,250 513,200 Preliminary cash balance 51,280 x 216,800 x 195,699 x Ending cash balance $ 51,280 x $ 216,800 $ 195,699 Loan balance January February March Loan balance - Beginning of month $ 12,000 $ 12,000 $ 12,000 Additional loan (loan repayment) O X Loan balance - End of month $ 12,000 $ 12,000 $ 12,000Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash 5 22,666 Accounts receivable 526,666 Inventory 165,666 Equipment 5 564,666 Less: Accumulated depreciation 76,566 Equipment, net 493,566 Total assets $ 1,146,566 Liabilities and Equity Liabilities Accounts payable 5 365,666 Loan payable 12,666 Taxes payable (due March 15) 89,666 $ 466,666 Equity Common stock 5 471,666 Retained earnings 263,566 Total stockholders' equity 5?4:599 Total liabilities and equity $ 1,146,566 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $20 per unit and resold for $55 per unit. The inventory level of 5,250 units on b. e. 1. December 31 is more than management's desired level, which is 20% ofthe next month's budgeted sales units. Budgeted sales are January, 7,000 units; February, 8,750 units; March, 11,000 units; and April, 10,000 units. All sales are on credit. Cash receipts from sales are budgeted as follows: January, $245,500; February, $698,770; March, $492,099. c. Cash payments for merchandise purchases are budgeted as follows: January, $65,000; February, $314,000; March, $92,800. d. Sales commissions equal to 20% of sales dollars are paid each month. Sales salaries (excluding commissions) are $6,000 per month. General and administrative salaries are $12,000 per month. Maintenance expense equals $2,000 per month and is paid in cash. New equipment purchases are budgeted as follows: January, $36,000; February, $96,000; and March, $21,600. Budgeted depreciation expense is January, $ 6250; February, $7,250; and March, $7,475. .The company budgets a land purchase at the end of March at a cost of $160,000, which will be paid with cash on the last day ofthe month. .The company has an agreementwith its bank to obtain additional loans as needed. The interest rate is 1% per month and interest is paid at each monthend based on the beginningmonth balance. Partial orfull payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $22,000 at the end of each month. .The income tax rate forthe company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Required: Prepare a master budget for the months of January, February, and March that has the following budgets: 1. Sales budgets. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets. 6. Cash budgets. 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 3. Budgeted balance sheet as of March 31