Required: Using the data above: 1. Complete the following schedule. Schedule of Expected Cash Collections May June April Quarter Cash sales S36,000 Credit sales 20,000 S 56,000 Total collections 2. Complete the following: Merchandise Purchases Budget April May June Quarter S 45,000 Budgeted cost of goods sold Add desired ending inventory 43,200 88,200 Total needs Less beginning inventory 36,000 S 52,200 Required purchases Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter S 21,750 March purchases 21,750 26,100 52,200 April purchases 26,100 May purchases June purchases Total disbursements 3. Complete the following cash budget (Borrow and repay in increments of $1,000. Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget April May June Quarter Beginning cash balance 8,000 56,000 Add cash collections 64,000 Total cash available Less cash disbursements: 47,850 For inventory For expenses 13,300 1,500 For equipment 62,650 Total cash disbursements Excess (deficiency) of cash 1,350 Financing Borrowings Repayments Interest Total financing Ending cash balance 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: Selling and administrative expenses: 5. 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