8-27 (Algo) Cash Collections; Cash Disbursements; Budgeted Balance Sheet [LO8-2, LO8-3, LO8-4, LO8-10] 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 Assets Cash $ 55,400 Accounts receivable 41,200 Inventory 53,200 Buildings and equipment, net of depreciation 180,000 Total assets $ 329,800 Liabilities and Stockholders Equity Accounts payable $ 143,500 Common stock 70,000 Retained earnings 116,300 Total liabilities and stockholders equity $ 329,800 Budgeted Income Statements April May June Sales $ 144,000 $ 154,000 $ 174,000 Cost of goods sold 86,400 92,400 104,400 Gross margin 57,600 61,600 69,600 S