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Garden Sales, Inc. sells garden supplies, Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the quarters 1. Budgeted monthly income statements for April to July are as follows: April May 5610,000 $850,000 414.000 582,000 190,000 268,000 June $530,000 371.000 159,000 July $450,000 315.000 135 000 Sales Cost of goods sold Gross margin Less Operatine expenses Selling expense Administrative expense Total operating expenses Net Income 19,200 49.000 138,200 $57,300 122,000 57,500 179.500 188,500 62,600 45,000 108,400 $ 50,600 53,800 4),400 97,200 $3,000 Includes $11.000 in depreciation each month, 6. Sales are 20% for cash and 80% on account c. Sales on account are collected over a three month period in the following ratio: 10% collected in the month of sale, 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of sale February's sales totalled $290,000, and March's sales totalled $370,000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month Accounts payable at March 31 for inventory purchases during March total $116,400 e. At the end of each month, inventory must be on hand equal to 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $82.890. f. Dividends of $19,300 will be declared and paid in April 9. Equipment costing $19,300 will be purchased for cash in May h. The cash balance at March 31 is $54,600; the company must maintain a cash balance of at least $42.000 at all times, 1. The company can borrow from its bank, as needed to bolster the cash account. Borrowings and repayments must be in multiples of $500. Interest is due only when principal is repaid and is calculated on the amount of repayment for the duration of the time money Dividends of $49,300 will be declared and paid in April g Equipment costing $19,300 will be purchased for cash in May, h. The cash balance at March 31 is $54,600, the company must maintain a cash balance of at least $42,000 at all times. 1. The company can borrow from its bank, as needed, to bolster the cash account, Borrowings and repayments must be in multiples of $500 Interest is due only when principal 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 (112. 2/12, 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, K + nces GARDEN SALES, INC. Schedule of Expected Cash Collections May June April Quarter Cash sales Sales on account February March April May June Total cash collections $ 05 0 $ 0 S 0 2. Prepare the following for merchandise inventory: 0. An inventory purchases budget for each of the months April , May, and June. GARDEN SALES, INC. Inventory Purchases Budget April tes May June Total needs b. A schedule of expected cash disbursements for inventory for each of the months April May, and June, and for the quarter in total Quarter GARDEN SALES, INC. Schedule of Expected Cash Disbursements for Inventory April May June Accounts payablo, March 31 April purchases May purchases June purchases Total cash disbursements $ 0 $ 0 $ 0 $ 0 3. Prepare a cash budget for the third quarter, by month as well as in total for the quarter Show borrowings from the company's 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 be indicated by a minus sign.) GARDEN SALES, INC Cash Budget For the Quarter Ended June 30 April May June Quarter 0 0 0 0 Total cash available Deduct Disbursements 0 0 0 Total disbursements Excess (deficiency) of cash Financing 0 0 0 Total financing