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The following dets relate to the operations of Show Company, wholesale distributor of consumer goods Current assets as of March 31: Cash $ 8,10 Accounts receivable $ 22,4 Inventory $43, 2ee Building and equipment, net $129,6 Accounts payable $ 25, Common stock $150, Retained earnings $ 27, see The gross margins 25% of sales. b. Actual and budgeted sales det March (actual) April $56, ea $ 72, noe $ 77, aea $182.ee June July c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable st March 31 are a result of March credit sales. d. Esch month's ending Inventory should equal 80% of the following month's budgeted cost of goods pold. e. One-hall of a month's Inventory purchases is paid for in the month of purchase the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of Inventory. Monthly expenses are as follows commissions, 12% of sales rent, $2,900 per month; other expenses (excluding depreciation, 6% of sales. Assume that these expenses are paid monthly. Depreciation is $972 per month includes depreciation on new casete g. Equipment Coating $2,100 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1000 at the beginning of each month, up to a total loon balance of $20,000. The Interest rate on these loans 1% per month and for simplicity we will sesume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter Required: Using the preceding dats: 1. Complete the schedule of expected cash collections 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget. 4. Prepare an absorption couting income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required Required2 Regulired Required 4 cuired Complete the schedule of expected cash collections Bohedule of Expected Cash Collections April May June 2001 2000 22.00 2 2 S . O .000 32.000 .000 Tor o RS2 > Complete this question by entering your answers in the tabs below. Hequired required 2 Becured herec 4 cuired Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget April May June Quarte Budged cost of goods sold 54.000 557,750 76,500 $ 188,250 Add desired and grande inventory 4120061 20031,300 31.800 100,200 118,560 108,300 220,050 Less being charlestory 43,200 46200 61,200 43.200 Required purchases IS 57,000 $72,700 47,100 $ 178,850 Bade cost of och or Ari$72.000 75% = $154.000. Add desired ending invertory or Apr 30 $40200 Bohedule of Expected Cash Disbursemente Merchandica Purohacat April May June Quarter March purchases IS 25,800 5 0S 0S 25,800 Aprl pudas 28,500 2,500 0 57,000 My Dios 0 36,37536,37572,750 e pus 0 0 2200 23.5 Tourement 554,300 64S 1995 3179200 Complete this question by entering your answers in the tabs below. Required red 2 Magured R ed Roured Complete the cash budget. Cash deficiency, repayments and interest should be indicated by a minus sign.) how Company Cash Budget May 8,100 4.410 65,000 75,000 72,700 79,440 Begigahe June 4.8055 2,000 95,805 Quarter 8900 232.800 240,700 For inventory 54,875 16,780 54,300 15.MO 2.100 72.200 0,005 21. 2 0 81,185 179.000 5 3.820 2 .000 235080 Exces de noch 81,635 2,156) 15.620 5.620 10,000 10,000 2,000 7,000 0 0 10,000 002 3.000 7.000 10.230 4.405 405 30 Total trancing Ending cash bange 5290 Complete this question by entering your answers in the tabs below. Required 1 2 ededores Prepare an absorption costing income statement for the quarter ended June 30. thlow Company insome Batement For the Quarter Ended June 50 IS 2510 Cost of goods solt Baging inventory Purces Goods available for Ending wory Gross margin Seling and instalive 411200 1700 220.000 300188260 62.750 Commons 30,120 Other expenses Depreciation 2018 Account Niet erg com Interes s e 56.756 954 210 (Recured Required > Complete this question by entering your answers in the tabs below. Required red 2 red 3 hod Recured Prepare a balance sheet as of June 30. low Corony Blanse that June 30 Asunts 40.800 31.000 Total ourent els Building and equipment 121784 Totes and stor y