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The fozcwing thala telale to the operabons of Shilow Cormpeny a wholesale distribseor of consumer goody: Hesuired: Hargired the pcecendeng dati 1. Complese the scitdvle of expecied tasticitectiont 5. Prepere o belonce theet as of dine 30 Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: a. The gross margin is 25% of sales. b. Actual and budgeted sales data: c. Soles are 60% for cash and 40 on credit credit sales are collected in the mong rollowing sale tre occounss recelvable at March 31 are a resill or March creolt soles. d. Each month's enaing Inventory should equal 80 s of the following months budgeted coer of gookt sold. e. One-hail of a monthis inventoy purchases is pald for in the month of purchate, the other fortis paid loc th the followng month the accounts payable at March 31 are the result of March purchases of inventory. 1. Monthly expanses ore os followe cammissions, 12% of sales, rent. $4,000 per month, other expenses fexcluaing cepreciaton, 6% 9. Equipment costing $3,200 will be purchoted for cosh in Aprit. h. Monogement would ike to maintain a minimum cosh boiance of at least \$4,000 at the end of egch morvh foe compoiy hos an agreement wion a local bank that allows the company to borrow in increments of $1,000 at the obgtaning of ewin month up to a totol ioon belance of $20,000. The interest rate on thece loons is 18 per month and for simpleity we wil ossumee that interert is not compounded the company would, as for as itis oble, repoy the loan plus accumulated interest ot the end othth quared Required: Using the preceding dato: 1. Complete the schedule of expected cash collecuont. 2 Complete the merchand se purchases budget and the scheduie of expected cash disbursements for merchandse purchases. 3. Complete the cash budget. 4. Prepore an abserpton costing income statement for the quarter ended June 30 5. Prepare o bolance sneet as of June 30 Complete this question by entering your answers in the tabs below