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. 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 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 Cash Accounts receivable Inventory Buildings, equipment, net Total assets $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 $1,020,000 2,550 25,550 $ Ending inventory, finished goods, units Planned production, units Ending inventory, direct materials @ $8/kg Direct materials required for production 81,120 $408,800 $ Beginning inventory, direct materials Direct labour cost @ $40/hour Manufacturing overhead 81,760 102,200 Fixed 75,000 63,875 $411,400 Variable @ $0.625/direct labour dollar Total selling and administrative expenses Other Information: Depreciation per quarter: factory, $60,000; selling and administrative: $40,000. Note payable due in quarter 2; 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 Collected in Current Disbursed in Current Quarter for Inventory Purchases 50% Quarter from Sales For sales or inventory purchases oCcurring last quarter For sales or inventory purchases occurring in the current quarter 90% 50% 10% Required: a) Prepare a schedule showing the cash collections and cash disbursements from operations and determine the excess or deficit of cash for quarter 2, 20XO. b) Prepare in good form an absorption costing budgeted income statement for quarter 2, 20X0 c) Prepare in good form a quarterly budgeted balance sheet as of the end of quarter 2, 20X0. 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. 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 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 Cash Accounts receivable Inventory Buildings, equipment, net Total assets $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 $1,020,000 2,550 25,550 $ Ending inventory, finished goods, units Planned production, units Ending inventory, direct materials @ $8/kg Direct materials required for production 81,120 $408,800 $ Beginning inventory, direct materials Direct labour cost @ $40/hour Manufacturing overhead 81,760 102,200 Fixed 75,000 63,875 $411,400 Variable @ $0.625/direct labour dollar Total selling and administrative expenses Other Information: Depreciation per quarter: factory, $60,000; selling and administrative: $40,000. Note payable due in quarter 2; 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 Collected in Current Disbursed in Current Quarter for Inventory Purchases 50% Quarter from Sales For sales or inventory purchases oCcurring last quarter For sales or inventory purchases occurring in the current quarter 90% 50% 10% Required: a) Prepare a schedule showing the cash collections and cash disbursements from operations and determine the excess or deficit of cash for quarter 2, 20XO. b) Prepare in good form an absorption costing budgeted income statement for quarter 2, 20X0 c) Prepare in good form a quarterly budgeted balance sheet as of the end of quarter 2, 20X0