If you use excel please show the equations you used as well. Thanks

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts rece ivable $ 8,800 25,200 $47,400 $114,000 28,425 $150,000 $ 16,975 Inventory Building and equipment, net Accounts payable Common stock Retained earn ings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June 63,000 $ 79,000 $ 84,000 $109,000 $60,000 July 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. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,600 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $855 per month (includes depreciation on new assets) g. Equipment costing $2,800 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 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. budget and the schedule of expected cash disbursements for merchandise purchases. Complete the schedule of expected cash collections. Schedule of Expected Cash Collections April May June Quarter Cash sales $ 47,400 Credit sales 25,200 Total collections $ 72,600 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget April May June Quarter $ 63,000 $ 59,250 Budgeted cost of goods sold Add desired ending merchandise inventory 50,400 Total needs 109,650 Less beginning merchandise inventory 47,400 Required purchases $ 62,250 Budgeted cost of goods sold for April $79,000 sales x 75% = $59,250. Add desired ending inventory for April $63,000 x 80% = $50,400. Schedule of Expected Cash Disbursements-Merchandise Purchases May June Quarter April $ 28,425 $ 28,425 March purchases April purchases May purchases June purchases $31,125 31,125 62,250 Total disbursements Complete the cash budget. (Cash deficiency, repa Required 4hterest should be indicated by a minus sign.) Shilow Company Cash Budget Quarter April May June $ Beginning cash balance 8,800 Add collections from customers 72,600 Total cash available 81,400 Less cash disbursements: For inventory 59,550 For expenses 17,820 For equipment 2,800 Total cash disbursements 80,170 Excess (deficiency) of cash available over disbursements 1,230 Financing: Borrowings Repayments Interest Total financing Ending cash balance Prepare an absorption costing income statement for the quarter ended June 30. Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold: Selling and administrative expenses: Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Stockholders' equity: Total liabilities and stockholders' equity