a. The gross margin is 25% of sales. b. Actual and budgeted sales data: c. Sales are 60% for cash and 40% on credit. Credit sales ore collected in the month following sale. The accounts recelvable ot March 31 are a resuit of March credit sales d. Eoch month's ending inventory should equal 80% of the following month's budgeted cost of goods sold.. e. One-nalf of a month's inventory purchoses is paid for in the month of purchose; the other half is paid for ha the following month. The accounts payoble at March 31 are the resuit of Morch purchases of inventory. t. Monthly expenses are as followsi commissions, 12\% of soles; rent, $3,300 per month; other expenses (excluding depreciation), 6% of saies. Assume that these expenses are paid monthly, Depreciation is $909 per month (includes depreciation on new assets). 0. Equipment costing $2,500 will be purchosed for cosh in April. h. Management would like to maintain a minimum cash bolance of at least $4.000 at the end of each month. The company hos on 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 fotal loan balance of $20,000. The interest rate on these loons is 13 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 n 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 ay entering your answers in the tabs below. Complete the schedule of expected cash collections. mplete the merchandise purchases budget and the schedule of expected cash disbursements fo Shilon Company Gaah buitaet. Prepare an absorption costing income statement for the quarter ended June 30 . Required 4