Complete the schedule of expected cash collections.Complete the schedule of expected cash collections.

Schedule of Expected Cash Collections

April May June Quarter

Cash sales $$39,600$

Credit sales $20,000$

Total collections $$59,600$ $$0$ $$0$ $$0$Required $1$

Required $2$

Required $3$

Required $4$

Required $5$

Complete the schedule of expected cash collections.

Schedule of Expected Cash Collections

April May June Quarter

Cash sales $$39,600$

Credit sales $20,000$

Total collections $$59,600$ $$0$ $$0$ $$0$The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:

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 paid for in the month of purchase; the other half is paid for in the following month. The

accounts payable at March $31$ are the result of March purchases of inventory.

f$.$ Monthly expenses are as follows: commissions, $12\%$ of sales; rent, $$2,300$ per month; other expenses $($excluding depreciation$),6\%$

of sales. Assume that these expenses are paid monthly. Depreciation is $$954$ per month $($includes depreciation on new assets$).$

g$.$ Equipment costing $$1,500$ will be purchased for cash in April.

h$.$ Management would like to maintain a minimum cash balance of at least $$4,000$ 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 Required:

Using the preceding data:

$1.$ Complete the schedule of expected cash collections.

$2.$ Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases.

$3.$ Complete the cash budget.

$4.$ Prepare an absorption costing income statement for the quarter ended June $30.$

$5.$ Prepare a balance sheet as of June $30.$