ACCOUNTING

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Complete the Schedule of expected cash collections: Note: Cash deficiency, repayments and interest should be indicated by a minus sign. Complete the merchandise purchases budget: Prepare an absorption costing income statement for the quarter ending March 31. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ Hillyard Company } & \\ \hline \multicolumn{1}{|c|}{ Income Statement } & \\ \hline \multicolumn{1}{|c|}{ For the Quarter Ended March 31 } & \\ \hline Cost of goods sold: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Selling and administrative expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Complete the merchandise purchases budget: Prepare an absorption costing income statement for the quarter ending March 31. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ Hillyard Company } & \\ \hline \multicolumn{1}{|c|}{ Income Statement } & \\ \hline \multicolumn{1}{|c|}{ For the Quarter Ended March 31 } & \\ \hline Cost of goods sold: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Selling and administrative expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Billyard Company } \\ \hline \multicolumn{2}{|c|}{ March 31 } \\ \hline Current assets: & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline & & \\ \hline Total assets & & \\ \hline & & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Billyard Company } \\ \hline \multicolumn{2}{|c|}{ March 31 } \\ \hline Current assets: & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline & & \\ \hline Total assets & & \\ \hline & & \\ \hline Current liabilities: & & \\ \hline & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Complete the schedule of expected cash disbursements for merchandise purchases. Hillyard Company, an office supplies specialty store, gathered the following information to prepare its master budget for the first quarter of the year: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: b. Actual sales for December and budgeted sales for the next four months are as follows: d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) depreciation on new assets acquired during the quarter, will be $45,940 for the quarter. f. Each month's ending inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month. h. During February, the company will purchase a new copy machine for $3,400 cash. During March, other equipment will be purchased for cash at a cost of $82,000. i. During January, the company will declare and pay $45,000 in cash dividends. interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31