PLEASE LOG FORMULAS FOR EACH ANSWER. VERY MUCH APPRECIATED!

-THE ANSWER OF 162,600 AND 174,000 (BOTH BLANK SECTIONS) FOR 'QUARTER' IS INCORRECT REGARDING 'ADD DESIRED ENDING MERCHANDISE INVENTORY' AND 'REQUIRED PURCHASES'

-THE ANSWER OF 17,475 FOR 'QUARTER' IS INCORRECT REGARDING 'BEGINNING CASH FLOW'

-THE ANSWER OF 130 OR (130) FOR 'QUARTER' IS INCORRECT REGARDING 'INTEREST'

Assignment #7 - Spring 2020 i Saved The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: 20 points Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 9,400 27,600 51,000 99,600 30,675 150,000 5.925 eBook a. The gross margin is 25% of sales. b. Actual and budgeted sales data: Print March (actual) Apr 12 69,000 85.000 90,000 115,000 66,000 June July References 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, $4,200 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $747 per month (includes depreciation on new assets). g. Equipment costing $3,400 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. J. riepare a WCII CHILE COLOD VI JUIC JU. Complete this question by entering your answers in the tabs below. 20 points Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. eBook Print References Merchandise Purchases Budget April May June Quarter Budgeted cost of goods sold $ 63,750 $67,500 $ 86,250 $ 217,500 Add desired ending merchandise inventory 54,000|69,000 39,600 Total needs 117,750 136,500 125,850 217,500 Less beginning merchandise inventory 51,000 54,000 69,000 Required purchases $ 66,750 $82,500 $ 56,850 $ 217,500 Budgeted cost of goods sold for April = $85,000 sales x 75% = $63,750. Add desired ending inventory for April = $67,500 80% = $54,000. Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter March purchases $ 30,675 $ 0 $ 0 $ 30,675 April purchases 33,375 33,375 0 66,750 May purchases of 41,250 41,250 82,500 June purchases of op 28,425 28,425 Total disbursements $ 64,050 $74,625 $ 69,675 $ 208,350 Assignment #7 - Spring 2020 i Saved 3. riepare a walalle sleelas UI Juile su. Complete this question by entering your answers in the tabs below. 20 points Required 1 Required 2 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) eBook Quarter Print Shilow Company Cash Budget April May $ 9,400 $ 4,050 78,600 88,000 88,000 92,050 $ June 4,025 105,000 109,025 271,600 271,600 References Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 64,050 19,500 3,400 86,950 1,050 74,625 20,400 01 95,025 (2,975) 69,675 24,900 01 94,575 14,450 208,350 64,800 3,400 276,550 (4,950) of (10,000) 10,000 (10,000) 3,000 07 0 3,000 4,050 7,000 08 0 7,000 4,025 (10,000) 4,450 $ $ $ $ (4,950) Required 2 Required 4 > Assignment #7 - Spring 2020 i Saved 3. riepare a Udial Telas UI JUI JU. Complete this question by entering your answers in the tabs below. 20 points Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an absorption costing income statement for the quarter ended June 30. eBook Shilow Company Income Statement For the Quarter Ended June 30 Print Sales $ 290,000 References Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Gross margin Selling and administrative expenses: Commissions Rent Other expenses Depreciation 290,000 (34,800) (12,600) (17,400) (2,241) (67,041) 222,959 Net operating income 222,959 Required 3 Required 5 > Assignment #7 - Spring 2020 A Saved u riepaita walice SCELUI Juile su. Complete this question by entering your answers in the tabs below. 20 points Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a balance sheet as of June 30. eBook Shilow Company Balance Sheet June 30 Assets Print References Current assets: Cash Accounts receivable Inventory 46,000 39,600 Total current assets 85,600 Total assets $ 85,600 Liabilities and Stockholders' Equity Accounts payable $ 28,425 Stockholders' equity: Common stock Retained earnings $ 150,000 150,000 178,425 Total liabilities and stockholders' equity $ Required 4 Required 5 >