A new company, Apex, was started on December 1, 2013. Below are their sales forecast and other financial information. How do I properly compose a1)   income statement budget.2) cash flow budgetSales Forecast:January 2014 $100,000February        $150,000March            $200,000April              $200,000May               $300,000June               $300,000July               $300,000…Each month thereafterSalaries:  $30,000/monthFacilities: $10,000/monthAdmin:   $10,000/monthCost of Goods Sold: 60% of sales COGS cash disbursement 1 month prior to saleNo cash sales. Receivables are collected as follows:70% collected the following month of sales20% two months after the sale10% three months after the sale Company has $250,000 in cash currently and a line of credit for $200,000

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