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Question 19 This is DATA for 15a/15/15c ABC Inc., is a merchandising company that prepares its master budget on a quarterly basis. The data below has been assembled to assist in preparation of the master budget for the second quarter a. As of March 31 (the end of the prior quarter), the company's balance sheet... Cash 9,000 A/R 48,000 Inventory 12,600 Buildings & Equip (net) 214,100 A/P 18,300 Capital Stock 190,000 TO R/E 75,400 283,700 283.700 b. March actual and budgeted April-July sales figures... March (actual) 60,000 April 70,000 May 85,000 June 90,000 July c 50,000 Sales: 20% Cash 80% Credit All payments on credit are collected in the month following sale. The A/R at March 31 are a result of March Credit Sales Gross Margin % 40% of sales Monthly expenses are budgeta as follows: d. e. Salaries & Wages 7,500 per month Shipping 6% of sales Lenovo anvas XC 0 Advertising per month 6,000 4% Other expenses of sales Depreciation 6,000 per quarter 1. B Each month's ending Inventory equals 30% of the following months COGS of a month's inventory purchases are paid for in the month 50% of purchase and half in the following month. Equipment purchases during the quarter will be as follows: h. March June April 11,500 July May 3,000 Dividends declared and paid i. March June 3.500 April July May j Other information: X CIO Minimum cash balance $ 8.000 ABC has an revolving credit line with local bank that allows the company to 1.000 Increments at the beginning of each month borrow up $ 20,000 total. The interest rate equals 1% per month. Assume no compunding. The company will repay the loan plus $ to accumulated interest at the end of the quarter Using the data above, complete the following statements and schedules for the second quarter for the MAY ONLY month: Question 20 Schedule of expected cash collections April May June Tot Cash sales Credit sales Total collections Edit View Insert Format Tools Table 120 Paragraph