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 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 55, eee 36,eee 40,000 100,000 $ 231,080 $ 51,300 70,000 109,700 $ 231,000 Budgeted Income Statements April Sales $100,000 Cost of goods sold 60,000 Gross margin 40,000 Selling and administrative expenses 15,000 Net operating income $ 25,000 May $110,000 66,000 44,000 16,500 $ 27.See June $130,000 78,000 $2,000 19,500 $ 32,500 Budgeting Assumptions: a 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 Net operating income $ 25,000 $ 27,500 $ 32,500 Budgeting Assumptions: a. 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 b. Budgeted sales for July are $140,000 c. 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 d Each month's ending merchandise inventory should equal $10,000 plus 50% of the next month's cost of goods sold e Depreciation expense is $1,000 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. Prepare 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) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative annar Hesin Anil Mulinet datermine the chain in the starachan Check my work e vepreciation expense is >1,000 per montn. All other sening ana aaministrative 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. Prepare 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.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the expected cash collections for April, May and June April May June Quarter Total cash collections Required 2 > e Depreciation expense is $1,000 per month. All other selling and administrative expenses are pala in full in the month the expense 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. Prepare 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) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the budgeted merchandise purchases for April, May, and June April May June Total Budgolod merchandise purchasen e vepreciation expense is $1,000 per month. All other selling and administrative expenses are paid in full in the month the expenses 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. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for seling and administrative expenses during April, May, and June to determine the cash balance in your June 30th balance sheet) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the expected cash disbursements for merchandise purchases for April, May, and June. April May June Quarter Budgeted cash disbursements for merchandise purchases Required 1 Required 2 Required 3 Required 4 Prepare 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.) Deacon Company Balance Sheet June 30 Assets Total assets $ 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity 0