Complete the cash budget. Note: Cash deficiency, repayments and interest should be indicated by a minus sign. Prepare a balance sheet as of June 30 . \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ Assets } & \\ \hline Jurrent assets: & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Total assets & & \\ \hline & & \\ \hline & & \\ \hline Stockholders equity: & & \\ \hline \end{tabular} Complete the schedule of expected cash collections. a. The gross margin is 25% of sales. b. Actual and budgeted sales data: c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is pa id for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the resuit of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales; rent. 51,800 per month; other expenses (excluding depreciat on). 6% of soles. Assume these expenses are paid montnly, Depreciation is $909 per month (includes depreciation on new assets). g. Equipnent costing $1.000 will be purchased for cash in April. h. Management viould like to maintain a minimum casn balance of at least $4,000 at the end of each month. The company ats an agreementwith a local bank bliowing it to borrow in increments of $1,000 at the beginning of each monthu th to a total loan oalance of $20,000. The interest rate on these loans is 1% per monsh and, for simpliciy, we will assume interest is not compounded. The company would as far as it is able, repay the loan pus accumulated inte est ar the end of the cuarter: 30 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Merchandise Purchases Budpet } & \\ \hline & \multicolumn{2}{|c|}{ April } & & May & June & Quarfer \\ \hline Budgeled cost of poods soid & s & 45.750 & & 40.500 & & \\ \hline Add desired ending merchandise inventory & & 39.600 & & & & \\ \hline Total ineeds & & 85.350 & & & & \\ \hline Less beginning merchandise inventory & & 36.000 & & & & \\ \hline Required purchases & 5 & 48.750 & & & & \\ \hline \multicolumn{6}{|c|}{\begin{tabular}{l} Required purchases \\ Budgeted oost of goods sold for April =$51,000 sales 75%=$45,750. \end{tabular}} & \\ \hline \multicolumn{6}{|c|}{\begin{tabular}{l} Budgeted cost of goods sold for April =$31,000 sales 1,15%=540,100. \\ Add desired ending inventory for Apnit =$49,50080%=$30,600 \end{tabular}} & \\ \hline \multicolumn{6}{|c|}{\begin{tabular}{l} Add desired ending inventory for Apnt =$49,50080%=$30,000. \\ Schedule of Expected Cash Disbursements - Merchandise Purchases \end{tabular}} & \\ \hline & & Aprit & & May & June & Quarter \\ \hline March purchases & 5 & 21,675 & & & & $21,675 \\ \hline Apri purchases & & 24.376 & & 24,375 & & 48.750 \\ \hline \multicolumn{7}{|l|}{\begin{tabular}{l} Apri purchases \\ May purchases \end{tabular}} \\ \hline June purchases & & & & & & \\ \hline Total disbursenents & & & & & & \\ \hline \end{tabular}