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Problem 9-17 Schedules of Expected Cash Collections and Disbursements; Balance Sheet [LO2] Deacon Company is a merchandising company that is preparing a budget for the second quarter of the calendar year. The following information is available. DEACON COMPANY Balance Sheet March 31 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total liabilities and shareholders' equity $ 60,000 36,080 31,600 103,099 $ 230,000 $ 42,000 67,000 121,000 $ 230,000 May Budgeted Income Statements Sales Cost of goods sold Gross margin Selling and administrative expenses Operating income April $ 109,000 65,400 43,609 11,000 B 32,600 $ 110,000 66,000 44, HOLD 11, 060 33,000 June $ 136,000 81,600 54,400 10,000 44,400 + Selling and administrative expenses Operating income 11,000 $ 32,600 11,000 33,000 10,990 44,489 $ $ Budgeting Assumptions: NO a Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $126,000. C 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. d Each month's ending merchandise inventory should equal $14,000 plus 50% of the next month's cost of goods sold. e Depreciation expense is $1,400 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. Required: 1. Calculate the expected cash collections for April, May, and June 2. Calculate the budgeted merchandise purchases for April, May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June 4. Prepare a budgeted balance sheet at June 30. (Hint You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet) Complete this question by entering your answers in the tabs below