All answer is right, but somewhere it's missing information. Please just help me with this part that it's missing. Thank you.

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price-$20 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) February (actual) March (actual) April (budget) May (budget) 23,200 29,200 43,200 68,200 103,200 June (budget) July (budget) August (budget) September (budget) 53,200 33,200 31,200 28, 200 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $5.60 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: Variable: Sales commissions 4% of sales Fixed: Advertising Rent Salaries Utilities Insurance Depreciation $ 360,000 $ 34,000 $ 138,000 $ 15,000 $ 4,600 $ 30,000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $24,000 in new equipment during May and $56,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $27,000 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below: 90,000 Assets Cash Accounts receivable ($58,400 February sales; $691,200 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholders' equity 749,600 152,768 29,000 1,110,000 $ 2,131,368 $ 116,000 27,000 1,120,000 868,368 $ 2,131,368 The company maintains a minimum cash balance of $66,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $66,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $66,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Reg 2 Reg 3 Reg 4 Prepare a master budget for the three-month period ending June 30 that includes a budgeted balance sheet as of June 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Reg 2 Req3 Req4 Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash collections, by month and in total. February sales March sales April sales May sales June sales Total cash collections Earrings Unlimited Schedule of Expected Cash Collections April May June $ 58,400 604,800 86,400 272,800 954,800 136,400 412,800 1,444,800 212,800 $ 936,000 $ 1,454,000 $ 1,794,000 Quarter $ 58,400 691,200 1,364,000 1,857,600 212,800 $ 4,184,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Req 2 Req3 Req 4 Prepare a master budget for the three-month period ending June 30 that includes a schedule of expected cash disbursements for merchandise purchases, by month and in total. Earrings Unlimited Budgeted Cash Disbursements for Merchandise Purchases April May June Quarter $ Accounts payable 116,000 $ 116,000 April purchases 230,160 230,160 460,320 May purchases 232,960 232,960 465,920 June purchases 126,560 126,560 Total cash $ payments 346,160 463,120 359,520 1,168,800 June $ 403,600 1,794,000 2,197,600 Quarter $ 90,000 4,184,000 4,274,000 Cash Budget For the Three Months Ending June 30 April May Beginning cash balance $ 90,000 $ 66,280 Add collections from customers 936,000 1,454,000 Total cash available 1,026,000 1,520,280 Less cash disbursements: Merchandise purchases 346,160 463,120 Advertising 360,000 360,000 Rent 34,000 34,000 Salaries 138,000 138,000 Commissions 54,560 82,560 Utilities 15,000 15,000 Equipment purchases 24,000 Dividends paid 27,000 Total cash disbursements 974,720 1,116,680 Excess (deficiency) of cash available over disbursements 51,280 403,600 Financing: Borrowings 15,000 Repayments Interest Total financing 15,000 0 359,520 360,000 34,000 138,000 42,560 15,000 56,000 1,168,800 1,080,000 102,000 414,000 179,680 45,000 80,000 27,000 3,096,480 1,177,520 1,005,080 1,192,520 (15,000) (450) (15,450) 15,000 (15,000) (450) (450) $ 1,177,070 Ending cash balance $ 66,280 $ 403,600 1,177,070 Earrings Unlimited Budgeted Income Statement For the Three Months Ended June 30 Sales Variable expenses: Commissions 179,680 Cost of goods sold 1,257,760 $4,492,000 1,437,440 3,054,560 Fixed expenses: Advertising Rent Salaries Utilities Insurance Depreciation 1,080,000 102,000 414,000 45,000 13,800 90,000 Net operating income Interest expense Net income 1,744,800 1,309,760 450 1,309,310 Prepare a master budget for the three-month period ending June 30 that includes a budgeted balance sheet as of June 30. Earrings Unlimited Budgeted Balance Sheet June 30 Assets Cash Accounts receivable Inventory Prepaid insurance Property and equipment, net $ 1,177,070 1,057,600 74,368 15,200 1,100,000 Total assets 3,424,238 Liabilities and Stockholders' Equity Accounts payable $ 126,560 Dividends payable 27,000 Common stock 1,120,000 Retained earnings 2,150,678 Total liabilities and stockholders' equity $ 3,424,238