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Garden Sales, Inc. sells garden supplies. Mapagement is planning its cash needs for the second quarter. The following information has been assembled to assist in proparing a cash budget for the quorter. a Budgeted monthly income statements for Apil to Jaly are as follows "lricludes $10,000 in depreciation eBch month b. Sases are 20% for cash and 80% on account c. Sales on eccount are collected over a three month period in the following rateo 10% colected in the month or fale, 70% colected in the first month fallowing the month of sale, and the remaining 20% cotected ia the secone nionch folowing the month of sale Fobruery's sales totaled $360,000, and Marchs sales totalled $440,000 d Imventory purchases are paid for within 15 days. Therefore, 50% of a nonth's invertory purchases are poid for in the month of purchase. The remaining 50 s are paid in the following month. Accounts payable at Mocch 3 for inventory purchases during March total $124800 e. At the end of each month. inventory must be on hond equat to 20% of the cost of the merchandise 10 be sold in the following morth. The mecchandise inventory at March 31 is $91,200 f Divicemas of $69,200 mil be declared and paid in Aptit 9 Fquipment costing $22.800 will be purchased for cesh in May. h. The cosh botance ot March 31 is $61.600, the compeny must maintain a cash balance of at least $49900 at el times 1. The company can boriow fiom as benk, as needed. fo bobster the cosin account. Borrowigs and repommetis atust be in multiples of 5500 interent is due only when principel is repoid and is calculated on the emount of repoymerg for the duration of the time money was borowed. Ali bonowngs toke ploce at the begirening of a month, and all reperments are made at the end of a month The ennual interert rate is 12%. Compute interest on whole mondis (1/2.2/2, and 50 forth) Required: Required: 1. Preoare a schedule of expecied cash collections from soles for each of the monetis Apir. Mav and June. and tor the auarter in totat $500 Interest is due only when principol is repaid and is calculated on the amount of repayment for the duration of the time money was borrowed. All borrowings take place at the beginning of a month, and all repayments are made at the end of a month. The annual interest rate is 12\%. Compute interest on whole months (1/2, 2/2, and so forth). Required: 1. Prepare a schedule of expected cash collections from sales for each of the months April, May, and June, and for the quarter in total. 2. Prepare the following for merchandise inventory a. An inventory purchases budget for each of the months April, May, and June. 2. Hrepare the following tor merchandise inventory: a. An inventory purchases budget for each of the months April, May, and June. b. A schedule of expected cash disbursements for inventory for each of the months April, May, and June, and for the quarter in total. b. A schedule of expected cash disbursements for inventory for each of the months Apri, May, and June, and for the quarter in totat. 3. Prepare a cash budget for the third quarter, by month as weil as in totol for the quorter Show borrowings from the company's bank and repayments to the bank, as needed, to maintoin the minimum cash balance (Roundup "Borrowing" and "Repayments" answers to the nearest whole doller amount. Any "Repayments" and "Interest should be indicated by a minus sign.) 3. Prepare a cash budget for the third quarter. by month as well as in total for the quarter Show borrowings from the companys bank and repayments to the bank, as needed, to maintain the minimum cash balance. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should he inelirated by a minus sign.) Garden Sales, Inc. sells gaxden supplies. Management is plonning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the quarter a Budgeted monthly income statements for Apni to July are as follows: Tincludes $10,000 in depreciation each month b. Sales are 20x for cash and 808 on account. c. Sales on account are collectad over a three month period in the following robo: 10 s collected in the month of sale. 705 collected in the first month following the month of sale, and the remaining 20k collected in the second month following the month of sole Februory's sales totelled $360.000, and March's sales totalled $440.000 a. Inventory purchases are paid for within 15 days. Therefore, 50 of of months inventory purchases aredoid for in the month of. purchose. The remaining 508 are paid in the following month. Accounts payable at March 31 for inventory purchases during March total $12.4.800 e. At the end of each month. imventory must be on hand equal to 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory ot March 31 is $91.200 f. Dividends of $69,200 will be declared and paid in Apti. 9. Equipment costing $22.800 will be purchased for Cash in May The cash baiance ot March 31 is $61600, the company must maintain a cash bolance of at least $49.000 at all times. 1. The company can borrow from its bank, as needed, to bolster the cash occount. Borrowings and repayments must be in mulipies of $500 interest is due only when principal is repaid and is calculoted on the amount of repayment for the duration of the time money was borrowed All borrowings lake piace ot the beginning of a month, and all repayments are made at the end of a month. The annual interest fate is 12% Compute interest on whole months (1/2,2/2, and so forth) Required: 1. Prepare a schedule of expected cash collections from sales for each of the months April, May, and June, and for the quarter in total. 2. Prepare the following for merchandise inventory: a. An inventory purchases budget for each of the months Aprit. May, and June. 2. Prepare the following for merchandise inventory: a. An inventory purchases budget for each of the months Apri, May, and June. b. A schedule of expected cash disbursements for inventory for each of the months April. May, and June, and for the quarter in total. 3. Prepare a cash budget for the third quarter, by month as well os in total for the quarter show borrowings from the company's bonk and repayments to the bank as needed, to maintain the minimum cash bolance. (Roundup "Borrowing" and "Repoyments" answers to the nearest whole doliar amount. Any 'Repayments" end "Interest" should be indicated by a minus sign.)