can someone help me solve #3 #4 #5

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Hilyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following dat have been assembled to assist in preparing the master budget for the first quarter 10 pants 2. As of December 31 (the end of the prior quarter, the company general ledger showed the following account balances co Cash Accounts receivable Inventory Huttet) At pashte Como tock Retained varnings 15,00 21,400 39.7 13.00 , 0.000 $ 68,10 ,100 b. Actual sales for December and budgeted sales for the next four months was follows: nary February March 1 263,000 15 April Sales are 20% for cash and 30% on credit. All payments on credit sales are collected in the month following sale. The accounts recewable at December 31 are a result of December credit sales d. The company's gross margin is 10% of sales in other words, cost of goods sold is 60% of sales) e Monthly expenses are budgeted as follows: salaries and wages, $28,000 per month advertising, 500.000 per month shoping, of sales: other expenses of sales Depreciation, including depreciation on new assets acquired during the quarter will be $44180 for the quarter 1 Each month's ending inventory should equal 25% of the following month's cost of goods solt g. One-half of a month's inventory purchases is paid for in the month of purchase the other half is paid in the following month During February, the company will purchase a new copy machine for $2.300 cash. During March, other equipment will be purchased for cash at a cost of $76,500 1. During January, the company will declare and pay $45.000 in cash dividends. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of S1000 at the beginning of each month. The interest rate on these loans is per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able repay the loan plus accumulated interest at the end of the quarter and for simplicity we will assume that interest is not compounded. The company would, accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarter 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a mir Hillyard Company Cash Budget January February $ 53,000 290,000 437,400 343,000 437.400 March Quarter 537 800 537.800 1,265,200 1.265 200 223,200 127,840 2912251 242,025 756 450 Beginning cash balance Add collections from customers Total cash available Less cash disbursements Inventory purchases Selling and administrative expenses Equipment purchases Cash dividends Total cash disbursements Excess (deficiency) of cash Financing Borrowings Repayments Interest Total financing Ending cash balance 45,000 396,040 (53.040) 291 225 146 175 242,025 295.775 756 450 508.750 0 (53.040) 5 s 146,175 5 0 295.775 5 508.750 ples i master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 (the end of the prior quarter, the company's general ledger showed the following account balances Bock Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 5 53,000 210,400 59.700 363,00 Prim $ 89,025 500,000 97.075 $ 680,100 $ 686, 100 erences b. Actual sales for December and budgeted sales for the next four months are as follows December (actual) January February March April $ 263,800 $ 398,000 $ 595,000 $ 309,00 $ 205,000 e Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales d. The company's gross margin is 40% of sales. In other words, cost of goods sold is 60% of sales) e Monthly expenses are budgeted as follows salaries and wages. $28,000 per month advertising. $68,000 per monthshipping, 5%