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	$	59,200
Accounts receivable		31,600
Inventory		47,500
Buildings and equipment, net of depreciation		119,000
Total assets	$	257,300
Liabilities and Stockholders Equity
Accounts payable	$	76,400
Common stock		70,000
Retained earnings		110,900
Total liabilities and stockholders equity	$	257,300

Budgeted Income Statements
	April			May			June
Sales	$	125,000		$	135,000		$	155,000
Cost of goods sold		75,000			81,000			93,000
Gross margin		50,000			54,000			62,000
Selling and administrative expenses		17,500			19,000			22,000
Net operating income	$	32,500		$	35,000		$	40,000

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 $165,000.

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.

Each months ending merchandise inventory should equal $10,000 plus 50% of the next months cost of goods sold.

Depreciation expense is $1,150 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.

question : 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.)