2. The balance sheet for the first quarter of Year 2019 for Impeach Co. is given below: Impeach Co. Balance Sheet As at Quarter 1, 2019 Assets $ Cash Accounts receivable Inventory Buildings, equipment, net Total assets Liabilities and Shareholders' Equity 3,000 Accounts payable 882,000 Note payable 145,510 Common shares 500,000 Retained earnings $ 198,000 20,000 420,000 892.510 $1,530,510 $1,530,510 Total liabilities and shareholders' equity The company has also developed the following master budget information for the second quarter of 2019. Master Budget Information Quarter 2, 2019 Revenue @ $40/unit Ending inventory, finished goods, units Planned production, units Ending inventory, direct materials @ $8/kg Direct materials required for production Beginning inventory, direct materials Direct labour cost @ $40/hour Manufacturing overhead Fixed Variable @ $0.625/direct labour dollar Total selling and administrative expenses $1,020,000 2,550 25,550 $ 81,120 $ 408,800 $ 81,760 $ 102,200 $ 75,000 $ 63,875 $ 411,400 Other Information: Depreciation per quarter: factory, $60,000; selling and administrative: $40,000. 1 Dead the following race which has three (2) auections and ancwor all the nuectionc All necessary workings should be shown. Where appropriate, secondary sources of information used in your report should be referenced accordingly. All solutions must be in a MS Word format, font 12, margins of 1 inch all sides on letter-sized paper and double-spaced except for numerical workings which can be single- spaced. 2. Submission deadline: November 22, 2019 at end of day through the portal 2. The balance sheet for the first quarter of Year 2019 for Impeach Co. is given below Impeach Co. Balance Sheet As at Quarter 1, 2019 Assets Uabilities and Shareholders $ Accounts receivable Inventory Buildings, equipment, 3,000 Accounts payable 882,000 Note payable 145 510 Comon shares 500.000 Retained earnings $ 198.000 20.000 420.000 9925110 Total assets $1.530.510 $1,530,510 Total abilities and shareholders equity The company has also developed the following master budget information for the second quarter of 2019 Master Budget Information Quarter 2, 2019 $1,020,000 25.550 81,120 $ Revenue $40/unit Ending Inventory, finished goods, units Planned production, units Ending inventory, direct materials @ $8/kg Direct materials required for production Beginning inventory, direct materials Direct labour cost $40/hour Manufacturing overhead $ 81,760 $ 102,200 75.000 $ 63875 Variable 0.25/direct labour dollar Total seling and administrative expenses $ 411,400 Other Information: Depreciation per quarter: factory, $60,000; selling and administrative: $40,000 Nobe payable due in quarter company will borrow $18,000 in quarter 2 and issue a one-year note payable to the bank for that amount. Cash collection and disbursement pattern Percentage of Cash Colected in Current Quarter from Sales Quarter for Inventory For sales or inventory occurring last quarter occurring in the current Required: a) Prepare a schedule showing the cash collections and cash disbursements from operations and determine the excess or delict of cash for quarter 2, 2010 b) Prepare in good forman absorption costing budgeted income statement for Quarter 2, 20XD c) Prepare in good form a quarterly budgeted balance sheet as of the end of Quarter 2, 20x0