please correct if any questions are wrong and i need help with the last couple of questions, 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 receivable Inventory Building and equipment, net Accounts payable Capital stock Retained earnings $ 8,888 $ 20,888 $ 36,000 $ 120,00 $ 21,250 $ 150,000 $ 12,25e a. The gross margin is 25% of sales. b. Actual and budgeted sales data. March (actual) Apr 11 May June July 558.ee $69.ee $72.000 $99, eae 548,888 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, $2,500 per month other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets). g. Equipment costing $1,500 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 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 data above 1. Complete the following schedule. May Schedule of Expected Cash Collections April June Quarter Cash sales $ 38,000 $43.200 $ 54,000 $133.200 Credit sales 20.000 24,000 28.800 72.800 Total collections 5-68.000 $ 87.200 $82,800 $ 200.000 2. Complete the following: Quarter $ 166,500 Merchandise Purchases Budget April May June Budgeted cost of goods sold $ 45,000 $ 54,000 $ 67,500 Add desired ending inventory 43,200 54,000 28,800 Total needs 88,200 108,000 96,300 Less beginning inventory 36,000 43,200 54,000 Required purchases $ 52,200 $ 64,800 $ 42,300 28,800 195,300 36,000 $ 159,300 Budgeted cost of goods sold for April = $60,000 sales x 75% = $45,000. Add desired ending Inventory for April = $54,000 80% = $43,200. Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter March purchases $ 21,750 S 21.750 April purchases 26.100 26.100 52,200 May purchases 32.400 64.800 June purchases 21,150 21,150 Total disbursements 47.850 S 26.100 $ 53,550 $ 159,900 $ 3. Complete the following cash budget (Cash deficiency, repayments and Interest should be indicated by a minus sign.) Bilow Company Cash Budget Apri May 8,000 $ 4.350 56,000 67,200 84,000 71.550 Quarter $ 8,000 $ June 4,500 82.800 5 200,000 214.000 87.300 58,500 53,550 159.900 Beginning cash balance Add cash collections Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash Financing Borrowings Repayments Interest 47,850 13.300 1.500 62.650 58,500 13.050 53.560 33.840 159.900 54.100 1.350 3.000 7.000 10.000 (10.000 (10.000) 230) (10 230 23.610 3.000 7.000 Total financing Ending cash balance (230) (230) 53,870 5 4.350 5 20.050 3 $ 4. 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: 0 0 0 Selling and administrative expenses: 0 0 5. Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: Total current assets 0 Total assets S 0 Liabilities and Stockholders' Equity Stockholders equity 0 Total liabilities and stockholders equity $