Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Balance Sheet $56,000 36,400 62,800 199,000 s 354,200 Cash receivable Buildings and equipment, net of depreciation Total assets Liabilities and stockholders' Equity s 172,100 70,000 112,100 s 354,200 Total liabilities and stockholders equity April Sales Cost of goods sold $176,000 $186,000 $206,000 111,600 123,600 82,400 105.600 600 70,400 74,400 and $ 50,600 53,100 58,100 Budgeting Assumptlons: 60% of sales are cash sales and 40% of sal and the remaining 80% are collected in the month subsequent to the sale. les are credit sales. Twenty percent of all credit sales are collected in the month of sale