I only need required 4 (income statement) and required 5 (balance sheet) answered.

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 9,200 Accounts receivable $ 26, 800 Inventory $ 49,800 Building and equipment, net $ 104,400 Accounts payable 5 29,925 Common stock $ 150,000 Retained earnings $ 10,275 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 67,000 $ 83,000 $ 88,000 $ 113,000 $ 64,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half 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 1. Monthly expenses are as follows: commissions, 12% of sales; rent, $4,000 per month other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $783 per month (includes depreciation on new assets). g. Equipment costing $3,200 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 $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume 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 data: 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 costing Income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30. Prepare an absorption costing income statement for the quarter ended Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold: 0 0 0 Selling and administrative expenses: 0 0 Shilow Company Balance Sheet June 30 Assets Current assets: + Total current assets 0 Total assets $ 0 Liabilities and Stockholders' Equity Stockholders' equity Current assets: + Total current assets 0 Total assets $ 0 Liabilities and Stockholders' Equity Stockholders' equity 0 Total liabilities and stockholders' equity $ 0 Cash sales Credit sales Total collections Schedule of Expected Cash Collections April May June Quarter $ 49,800 $ 52,800 $ 67,800 $ 170,400 26,800 33,200 35,200 95,200 $ 76,600 $ 86,000 $ 103,000 $ 265,600 Merchandise Purchases Budget April May June Quarter Budgeted cost of goods #d $ 62,250 $ 66,000 $ 84,750 $ 213,000 Add desired ending merchandise inventory 52,800 67,800 38,400 38,400 Total needs 115,050 133,800 123,150 251,400 Less beginning merchandise inventory 49,800 52,800 67,800 49,800 Required purchases $ 65,250 $ 81,000 $ 55,350 $ 201,600 Budgeted cost of goods sold for April = $83,000 sales x 75% = $62,250 Add desired ending inventory for April = $66,000 ~ 80% = $52,800 Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter March purchases $ 29,925 $ 0 $ o $ 29.925 April purchases 32,625 32,625 65,250 May purchases 40,500 40,500 81,000 June purchases 27,675 27,675 Total disbursements $ 62,550 $ 73,125 $ 68,175 $ 203,850 - May Shilow Company Cash Budget April Juno Quarter Beginning cash balance $ 9,200 $ 4.110 $ 4,145 $ 9,200 Add collections from customers 76,600 86,000 103,000 265,600 Total cash available 85,800 90,110 107,145 274,800 Less cash disbursements: For inventory 62,550 73,125 68,175 203,850 For expenses 18,940 19,840 24,340 63,120 For equipment 3,200 0 3,200 Total cash disbursements 84,690 92,965 92,515 270,170 Excess (deficiency) of cash available over disbursements 1,110 (2,855) 14,630 4,630 Financing Borrowings 3,000 7,000 10,000 Repayments (10,000) (10,000) Interest (230) (230) Total financing 3,000 7,000 (10,230) (230) Ending cash balance $ 4,110 $ 4145 $ 4.400 $ 4,400