Saved C Help Save & Exit Submis Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Assets Deacon Company Balance Sheet March 31 Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Sales Budgeted Income Statements Cost of goods sold Gross margin Selling and administrative expenses Net operating income April $111,000 66,600 44,400 23,300 $ 65,200 38,800 43,300 125,000 $ 272,300 $ 66,200 70,000 136,100 $ 272,300 May $ 121,000 72,600 48,400 24,800 $ 21,100 $ 23,600 June $ 141,000 84,600 56,400 27,800 $ 28,600 Budgeting Assumptions: