5 Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following Information is available Deacon Company Balance Sheet March 31 Late Cash Lects receivable Twentory Baldings and equipment of depreciation Total Liabilities and stockholders' quity counts payable Con stock Ratased ning Total liabilities and other guy $ 55,400 41,200 53.300 180.000 $ 329,00 # 143,500 10.000 116.30 Budgeted Theme Statement Sales Cost of goods sold Groessage April 8144.000 26.400 May $154.100 92.400 Net peating income $174.000 104.400 69,60 24.00 44,00 31.600 39,000 . 17.300 Budgeting Assumptions: 60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining so we collected in the month subsequent to the sale. b. Budgeted sales for July are $184.000 c. 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit we paid in the month or to the purchase. The accounts payable at March 31 will be peld in Art d. Each month's ending merchandise inventory should cual $10.000 plus soll of the next month's cost of goods sold Depreciation expenses $150 per month All other selling and administrative expenses are paid in full in the month the expense is incurred Required: 1. Calculate the expected cash collections for Apr May, and June 2. Calculate the budgeted merchandise purchases for April May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April May and June. 4. Prepare a budgeted balance sheet June 30th Hint You need to calculate the cash paid for selling and administrative expenses during April May, and June to determine the cash balance in your are oth balance sheet) Complete this question by entering your answers in the tabs below ed April June Rad 2)