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.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Merchandise Purchases Budget$\}\backslash \backslash$

$\backslash$hline & April & May & June & Quarter $\backslash \backslash$

$\backslash$hline Budgeted cost of goods sold & $\backslash$$ $52,500$ & $\backslash$$ $56,250$ & & $\backslash \backslash$

$\backslash$hline Add desired ending merchandise inventory & $45,000$ & & & $\backslash \backslash$

$\backslash$hline Total needs & $97,500$ & $56,250$ & $0$ & $0\backslash \backslash$

$\backslash$hline Less beginning merchandise inventory & $42,000$ & & & $\backslash \backslash$

$\backslash$hline Required purchases & $\backslash$$ $55,500$ & $\backslash$$ $56,250$ & $\backslash$$ $0$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$l$|\}\{$Budgeted cost of goods sold for April $\backslash (=\backslash$$ $70,000\backslash )$ sales $\backslash (\backslash$times $75\backslash \%=\backslash$$ $52,500\backslash ).\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$l$|\}\{$Add desired ending inventory for April $\backslash (=\backslash$$ $56,250\backslash$times $80\backslash \%=\backslash$$ $45,000\backslash ).\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Schedule of Expected Cash Disbursements$-$Merchandise Purchases$\}\backslash \backslash$

$\backslash$hline & April & May & June & Quarter $\backslash \backslash$

$\backslash$hline March purchases & $\backslash$$ $25,050$ & & & $\backslash$$ $25,050\backslash \backslash$

$\backslash$hline April purchases & $27,750$ & $27,750$ & & $55,500\backslash \backslash$

$\backslash$hline May purchases & & & & $\backslash \backslash$

$\backslash$hline June purchases & & & & $\backslash \backslash$

$\backslash$hline Total disbursements & $\backslash$$ $52,800$ & $\backslash$$ $27,750$ & $\backslash$$ $0$ & $\backslash$$ $80,550\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Required $1$

Required $2$

Required $3$

Required $4$

Complete the cash budget.

Note: Cash deficiency, repayments and interest should be indicated by a minus sign.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Shilow Company$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Cash Budget$\}\backslash \backslash$

$\backslash$hline & April & May & June & Quarter $\backslash \backslash$

$\backslash$hline Beginning cash balance & $\backslash$$ $7,900$ & & & $\backslash \backslash$

$\backslash$hline Add collections from customers & $63,600$ & & & $\backslash \backslash$

$\backslash$hline Total cash available & $71,500$ & $0$ & $0$ & $0\backslash \backslash$

$\backslash$hline Less cash disbursements: & & & & $\backslash \backslash$

$\backslash$hline For inventory & $52,800$ & & & $\backslash \backslash$

$\backslash$hline For expenses & $15,300$ & & & $\backslash \backslash$

$\backslash$hline For equipment & $1,900$ & & & $\backslash \backslash$

$\backslash$hline Total cash disbursements & $70,000$ & $0$ & $0$ & $0\backslash \backslash$

$\backslash$hline Excess $($deficiency$)$ of cash available over disbursements & $1,500$ & $0$ & $0$ & $0\backslash \backslash$

$\backslash$hline Financing: & & & & $\backslash \backslash$

$\backslash$hline Borrowings & & & & $\backslash \backslash$

$\backslash$hline Repayments & & & & $\backslash \backslash$

$\backslash$hline Interest & & & & $\backslash \backslash$

$\backslash$hline Total financing & $0$ & $0$ & $0$ & $0\backslash \backslash$

$\backslash$hline Ending cash balance & $\backslash$$ $1,500$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Required $1$

Required $2$

Required $3$

Required $4$

Required $5$

Prepare an absorption costing income statement for the quarter ended Jun

Shilow Company

Income Statement

For the Quarter Ended June $30$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline F & & $\backslash \backslash$

$\backslash$hline Cost of goods sold: & & $\backslash \backslash$

$\backslash$hline & & $\backslash \backslash$

$\backslash$hline F & $-$ & $\backslash \backslash$

$\backslash$hline $,$ & $0$ & $\backslash \backslash$

$\backslash$hline P & & $0\backslash \backslash$

$\backslash$hline P & & $0\backslash \backslash$

$\backslash$hline Selling and administrative expenses: & & $\backslash \backslash$

$\backslash$hline P & & $\backslash \backslash$

$\backslash$hline F & & $\backslash \backslash$

$\backslash$hline & $-$ & $\backslash \backslash$

$\backslash$hline & $-$ & $\backslash \backslash$

$\backslash$hline & P & $\backslash \backslash$

$\backslash$hline & $+$ & $0\backslash \backslash$

$\backslash$hline P & & $0\backslash \backslash$

$\backslash$hline P & & $\backslash \backslash$

$\backslash$hline $-$ & & $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Prepare a balance sheet as of June $30.$

Shilow Company

Balance Sheet

June $30$

Assets