can someone please solve this I need to submit it today.

Garden Sales, Inc. sells garden supplies. Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the quarter: a Budgeted monthly income statements for April to July are as follows: April May $550,000 $790,000 378,000 546,000 122.000 244,000 June $470,000 329.000 141,000 July $390,000 27,000 112.000 Sales Cost of goods sold Gross margin Less: Operating expenses Selling expense Administrative expense Total operating expenses Net income 77,200 49,000 120/200 $ 51,00 110,000 47,700 157700 $ 86,300 56,600 39,000 96,400 $44,600 47,800 37,400 85,200 *includes $15.000 in depreciation each month, b. Sales are 20% for cash and 80% on account Sales on account are collected over a three-month period in the following tatlo: 10% collected in the month of sale, 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of sale. February's sales totalled $230,000, and March's sales totalled $310,000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's Inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month. Accounts payable at March 31 for Inventory purchases during March total $109,200 e. At the end of each month, Inventory must be on hand equal to 20% of the cost of the merchandise to be sold in the following month. The merchandise Inventory at March 31 is $75,600. Dividends of $45100 will be declared and paid in April 9. Equipment costing $16,300 will be putchased for cash in May h. The cash balance at March 31 is $48.600, the company must maintain a cash balance of at least $36.000 at all times. The company can borrow from its bank as needed, to bolster the cash account. Borrowings and repayments must be in multiples of 55 Interests only when nicinalis Iepaid and is calculated on the amount of repayment for the duration of the time money the company can borrow from its bank, as needed, to bolster the cash accoun Borrowings and $500. Interest is due only when principal is repaid and is calculated on the amount of repayment for the duration of the time money was borrowed All borrowings take place at the beginning of a month, and all repayments are made at the end of a month. The annual interest rate is 12% Compute Interest on whole months (1/12.2/12, and so forth) Required: 1. Prepate a schedule of expected cash collections from sales for each of the monthis April May and June, and for the quarter In total, GARDEN SALES, INC Schedule of Expected Cash Collections April May June TECH Quarter Cash sales Sales on account February March April MY Total cash coloctions 2. Prepare the following for merchandise inventory: a. An inventory purchases budget for each of the months April, May, and June, GARDEN SALES, INC. Inventory Purchases Budget April May June Total needs b. A schedule of expected cash disbursements for inventory for each of the months April May, and June, and for the quarter in total Quarter GARDEN SALES, INC Schedule of Expected Cash Disbursements for Inventory April May June Accounts payable, March 31 April purchases May purchases June purchases Total cash disbursements 3. Prepare a cash budget for the third quarter, by month as well as in total for the quarter. Show borrowings from the company's bank and repayments to the bank, as needed, to maintain the minimum cash balance. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollor amount. Any "Repayments" and "Interest" should be indicated by a minus sign.) GARDEN SALES, INC Cash Budget For the Quarter Ended June 30 April May June Quarter ces Total cash avadable Deduct Disbursements Total disbursements Excess (deficiency) of cash Financing Total tinanong