1- Prepare a purchase budget for each month of the second quarter ending June 30, 2018 along with a quarter column.

2- Prepare a cash budget for each month of the second quarter ending June 30, 2018. Include budgeted borrowings and repayments if applicable.

3- Prepare a budgeted income statement for each month of the second quarter ending June 30, 2018 along with a quarter column.

Garmin Services prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2018 First Store Balance Sheet March 31, 2018 Assets Liabilities Cash Accounts receivable Inventory Prepaid Insurance Net Fixtures 3,000 25,000 30,000 2,000 25,000 Accounts payable Dividends payable Total Liabilities $26,000 5,000 31,000 i Stockholders' Equity Common Stock Retained Eamings $15,000 39,000 54,000 Ttal liabilities and Stockholders' equityS85,000 Total Assets$85,000 Actual and forecasted sales for selected months in 2018 are as follows:I Sales Revenue Month January February March 60,000 50,000 40,000 50,000 60,000 70,000 90,000 ril May June Monthly operating expenses are as follows, but note you will need to compute the monthly insurance expense Wages and salarie:s Depreciation Utilities Rent 25,000 100 1,000 2,000 $5,000 Cash dividends are declared during the third month of each quarter and are paid during the first month of the following quarter Operating expenses, except insurance and depreciation are paid monthly