I need help completing this sales budget Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31.DIMSDALE SPORTS COMPANYAssetsCashAccounts receivableInventoryEquipmentLiabilitiesLess: Accumulated depreciationEquipment, netTotal assetsBalance SheetDecember 31Liabilities and EquityAccounts payableLoan payableTaxes payable (due March 15)Equity$ 528,00066,000$ 375,00013,00088,000$ 22,000520,000157,500$ 470,500215,000462,000$ 1,161,500$ 476,000Common stockRetained earningsTotal stockholders' equityTotal liabilities and equityTo prepare a master budget for January, February, and March, use the following information.685,500$ 1,161,500a. The company's single product is purchased for $30 per unit and resold for $57 per unit. The Inventory level of 5,250 units onDecember 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales areJanuary, 7,250 units; February, 9,000 units; March, 10,500 units; and April, 10,500 units. All sales are on credit.b. Cash receipts from sales are budgeted as follows: January, $269,638; February, $738,403; March, $517,639.c. Cash payments for merchandise purchases are budgeted as follows: January, $60,000; February, $337,800; March, $147,000.d. Sales commissions equal to 20% of sales dollars are paid each month. Sales salaries (excluding commissions) are $6,000 permonth.e. General and administrative salaries are $12,000 per month. Maintenance expense equals $2,000 per month and is paid in cash.f. New equipment purchases are budgeted as follows: January, $36,000; February, $93,600; and March, $19,200. Budgeteddepreciation expense is January, $ 5,875; February, $6,850; and March, $7,050.g. The company budgets a land purchase at the end of March at a cost of $150,000, which will be paid with cash on the last day of themonth.h. The company has an agreement with its bank to obtain additional loans as needed. The Interest rate is 1% per month and Interest ispaid at each month-end based on the beginning-month balance. Partial or full payments on these loans are made on the last day ofthe month. The company maintains a minimum ending cash balance of $22,000 at the end of each month.1. The Income tax rate for the company is 39%. Income taxes on the first quarter's Income will not be paid until April 15. Sales budgets.Budgeted sales unitsSelling price per unitTotal budgeted sales$DIMSDALE SPORTSSales BudgetJanuaryFebruary0 S osMarch0 $Totals00

Sales budget can be said to be a budget or a financial plan in which we determine the forecasted…

Answered: Sales budgets. Budgeted sales units…

Sales budgets. Budgeted sales units Selling price per unit DIMSDALE SPORTS Sales Budget January February March Totals 0 C

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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