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please answer all of the questions .

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Problem 9-23 Cash Budget with Supporting Schedules: Changing Assumptions (L09-2, L09-4, LO9-8) of lawn care equipment, Garden Sales, Inc., soll garden supplies Management is planning cash needs for a second arter. The company usually has to borrow money during this quarter to which occur during May. The following information has been assembled to in preparing a cash budget for the quarter a. Budgeted monthly absorption costing income statements for AprilJuly are $620,000 434,000 $1,120.000 784 000 Cost of goods sold 0.000 406,000 336,000 Selling and administrative expenses Selling expense Administrative expense" Total seling and admire expenses Net Operating income 46.000 40.000 164000 $22000 06 400 173400 1 62.600 42.600 1 11.800 62.2005 50.000 "includes $30.000 of depreciation each month b. Sales are 20% for cash and 80% on account C. Sales on account are collected over three-month period with 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 sales totaled $270.000, and March's sales totaled $285,000 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% is paid in the flowing month. Accounts payable at March 31 for inventory purchases during March total $123,200. e. Each month's ending Inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $66.800 Dividends of $37.000 will be declared and paid in April g. Land costing $45,000 will be purchased for cash in May h. The cash balance at March 31 is $59.000, the company must maintain a cash balance of areas $40.000 at the end of each month The company has an agreement with a local bank that allows the company to borrow in increments of $1.000 at the beginning of each month, up to a total loan balance of $200,000. The interest rate on these lansis 19 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. The company's president is interested in knowing how reducing inventory levels and collecang accounts receivable sooner will impact the cash budget. Me revise the cash collection and ending inventory assumptions as follows: 1. Sales continue to be 20% for cash and 80% on credit. However, credit sales from April May, and June are collected over a three-month period with 25% collected in the month of sale, 60% collected in the month following sale, and 10% in the second month following sale. Credit sales from February and March are collected during the second quarter using the collection percentages speed in the main section 2. The company maintains its ending inventory levels for April May and June at 15% of the cost of merchandise to be sold in the following month. The merchandise inventory at March 31 remains $66.800 and accounts payable for inventory purchases at March 31 remains $123.200. Required: 1. Using the president's new assumptions in (1) above, prepare a schedule of expected cash collections for April May and June and for the quarter in total Required: 1. Using the president's new assumptions in (1) above, prepare a schedule of expected cash collection for April May and June and for the quartet in total Answer is complete but not entirely correct Schedule of pacted the collections Y 224.000 116,000 Cash sales 124,000 464,000 Sales on account February March Aari 43,200 159,600 49,600 45,600 347,200 89,600 99,200 627 200 46.400 888.800 43.200 205.200 400.000 716.800 46,400 $ 1,971.000 June Total cash collections S 376,400 $ 706,400 2. Using the president's new assumptions in (2) above, prepare the following for merchandise inventory a. A merchandise purchases budget for April, May, and June. Answer is complete but not entirely correct. $ Merchandise Purchases Budget April Budgeted cost of goods sold 434,000 Add: Desired ending merchandise 117,600 inventory Total needs 551,600 Less: Beginning merchandise inventory 86,800 Required inventory purchases 464 800 784.000 60,900 344,900 117.600 727,300 406,000 50,400 456,400 67200 389 200 $ for Ann May, and June and for the quarter in total O U WILT URVIR UM pultlases for phi, May, and June and for the quarter in tota Answer is complete but not entirely correct. Schedule of Expected Cash Disbursements for Merchandise Purchases April May June Quarter Beginning accounts payable 123.200 $ $ $ 123,200 April purchases 232,400 232,400 00 464,800 May purchases 0 363,650 363,650 727,300 June purchases 0 194,600 194,600 Total cash disbursements 355,600 596,050 558,250 1,509,900 3. Using the president's new assumptions, prepare a cash budget for April, May, and June, and for the quarter in total. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Answer is complete but not entirely correct. Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April May $ 59,000 $ 40,800 376,400 706,400 435,400 747,200 June $ 40,750 888,800 929,550 Quarter $ 140,550 1,971,600 2,112,150 Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Purchases for inventory Selling expenses Administrative expenses Land purchases Dividends paid Total cash disbursements 558,250 69,000 12,800 355,600 115,000 19,000 0 37.000 526,600 596,050 107,000 36,400 45,000 0 784,450 1,509,900 291,000 68,200 45,000 37,000 1,961,100 0 640,050 3. Using the president's new assumptions, prepare a cash budget for April, May, and June, and for the quarter in total. (Cash deficiency, repayments and Interest should be indicated by minus algn.) Quarter $ 140,550 1,971,600 2,112,150 Answer is complete but not entirely correct. Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April May June Beginning cash balance $ 59,000 $ 40,800 $ 40,750 Add collections from customers 376,400 706,400 888,800 Total cash available 435,400 747,200 929,550 Less cash disbursements: Purchases for inventory 355,600 596,050 558,250 Selling expenses 115,000 107,000 69,000 Administrative expenses 19,000 36,400 12,800 Land purchases 0 45,000 Dividends paid 37,000 0 0 Total cash disbursements 526,600 784,450 $40,050 Excess (deficiency) of cash available over (91,200) (37,250) 289,500 disbursements Financing: Borrowings 132,000 78,000 0 Repayments 0 0 (210,000) Interest 0 0 (5,520) Total financing 132,000 78,000 (215,520) 40,800 $ 40,750 $ 73,980 Ending cash balance 1,509,900 291,000 68,200 45,000 37,000 1,951,100 161,050 210,000 (210,000) (5,520) (5,520) $ 155,530