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Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the second quarter. The company a. Budgeted monthly absorption costing income statements for Anea. c. Sales on account casn and 80% on account. following the month of sale; and the remaining 20% collected in the secoled in the month of sole; 70% collected in the first month totaled $200,000, and March's sales totaled $300,000. purchase. The total $126,000 Accounts payable at March 31 for inventory purchases during March inventory at March 31 is $84,000. the merchandise to be sold in the following month. The merchandise 9. Land costing $16,000 will be purchased for cash in May. h. The cash balance at March 31 is $52.000; the company must maintain a cash balance of at least $40.000 of the end of each month. 1. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total, 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections for April. Mau and w. he quarter in total. Prepare the following for merchandise inventory, a merchandise purchases budqet for April, May, and June. Prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchan April, May, and June, and for the quarter in total. repayments and interest should be indirstan a