Deacon Company is a merchandising company that is preparing a budget for the three month period ended June 30th The following information is available Deacon Company Balance Sheet March 31 Assets Cash $ 71,800 Accounts receivable 42,800 Inventory 46,000 Buildings and equipment, net of depreciation 149,000 Total assets $ 309,600 Liabilities and Stockholders' Equity Accounts payable $ 125,100 Common stock 70,000 Retained earnings 114,500 Total liabilities and stockholders' equity $ 309,600 Budgeted Income Statements April May June Sales $ 120,000 $ 130,000 $ 150,000 Cost of goods sold 72,000 78,000 90,000 Gross margin 48,000 52,000 60,000 Selling and administrative expense s 18,100 19,600 22,600 Net operating income $ 29,900 $ 32,400 $ 37,400 Budgeting Assumptions 60 of sales are cash sales and 40 of sales are credit sales Twenty percent of all credit sales are collected in the month of sale and the remaining 80 are collected in the month subsequent to the sale Budgeted sales for July are $160,000 10 of merchandise inventory purchases are paid in cash at the time of the purchase The remaining 90 of purchases are credit purchases All purchases on credit are paid in the month subsequent to the purchase The accounts payable at March 31 will be paid in April Each month's ending merchandise inventory should equal $10,000 plus 50 of the next month's cost of goods sold Depreciation expense is $1,850 per month All other selling and administrative expenses are paid in full in the month the expense is incurred Required 1 Calculate the expected cash collections for April, May, and June 2 Calculate the budgeted merchandise purchases for April, May, and June 3 Calculate the expected cash disbursements for merchandise purchases for April, May, and June 4 Make a budgeted balance sheet at June 30th (Hint You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30th balance sheet ) I'm half way done but some of the percentages are confusing me Can someone please help me and show all the work please It is not a tutors work or if someone has submitted it previously please let me know so I can pull it up I really need help with this problem

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Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company

Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available

Deacon Company Balance Sheet

March 31

Assets

Cash $ 71,800

Accounts receivable 42,800

Inventory 46,000

Buildings and equipment, net of depreciation 149,000

Total assets $ 309,600

Liabilities and Stockholders' Equity

Accounts payable $ 125,100

Common stock 70,000

Retained earnings 114,500

Total liabilities and stockholders' equity $ 309,600

Budgeted Income Statements

April May June

Sales $ 120,000 $ 130,000 $ 150,000

Cost of goods sold 72,000 78,000 90,000

Gross margin 48,000 52,000 60,000

Selling and administrative expense s 18,100 19,600 22,600

Net operating income $ 29,900 $ 32,400 $ 37,400

Budgeting Assumptions:

60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80% are collected in the month subsequent to the sale.
Budgeted sales for July are $160,000.
10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts payable at March 31 will be paid in April.
Each month's ending merchandise inventory should equal $10,000 plus 50% of the next month's cost of goods sold.
Depreciation expense is $1,850 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.

Required:

1. Calculate the expected cash collections for April, May, and June.

2. Calculate the budgeted merchandise purchases for April, May, and June.

3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June.

4.Make a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30th balance sheet.)

I'm half way done but some of the percentages are confusing me . Can someone please help me and show all the work please. It is not a tutors work or if someone has submitted it previously please let me know so I can pull it up. I really need help with this problem