THESE ARE STILL WRONG PLEASE HELP

The following data relate to the operations of Shillow Company, a wholesale distributor of consumer goods: Current assets as of March 311 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 56,000 $ 72,000 $ 77,000 $ 102,000 $ 53,000 Required: Using the preceding data: $ 8,100 $ 22,400 $ 43,200 $ 129,600 $ 25,800 $ 150,000 $ 27,500 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, $2,900 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $972 per month (includes depreciation on new assets). g. Equipment costing $2,100 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. 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. Complete this question by entering your answers in the tabs below. 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.) Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Answer is complete but not entirely correct. Borrowings Repayments Interest For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Total financing Ending cash balance Shllow Company Cash Budget 59,925 179,100 21,260 53,880 2,100 235,080 5,620 81,185 14,820 Quarter $ 8,100 232,600 240,700 (9,200) (210) (9,410) $ 5,410 9,200 (9,200) (210) (210) $ 5,410 ** ts Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5 Prepare an absorption costing income statement for the quarter ended June 30. Shilow Company Income Statement For the Quarter Ended June 30 Required 1 Required 2 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory Gross margin Selling and administrative expenses: Commissions Rent Other expenses Depreciation Net operating income Interest expense Net income 330 43,200 176,850 220,050 31,800 30,120 8,700 15,060 2,916 $ 251,000 188,250 62,750 56,796 5,954 210 5,744 Required 1 Required 2 Required 3 Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: Cash Accounts receivable Inventory Total current assets Building and equipment-net Total assets Accounts payable Stockholders' equity. Common stock Retained earnings 3 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Required 41 $ 150,000 33,244 Required 5 $ 5,410 X 40,800 31,800 78,010 128,784 $ 206,794 $ 23,550 23,550 183,244 $ 230,344