Deacon Company is a merchandising company that is preparing a budget for the three-month perlod ended June 30 th. The following information is avallable Budgeting Assumptions: a. 60% of soles 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 seles for July are $195,000. 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 merchendise inventory shoutd equal $10,000 ptus 50% of the next month's cost of goods sold. e. Depreciation expense is $1,550 per month. All other selling and administrafive expenses are paid in full in the month the expense is incurred. Dequireds 1. Calculate the expected cash collections for April, May, and June. 2. Catcutate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expecied cash disbursements for merchandise purchases for Aprit, 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 vour answers in the tabs below. Calculate the expecisd cash collections for Apri, May, and June. Deacon Company is a merchandising company that is preparing a budget for the three-month perlod ended June 30 th. The following information is avallable Budgeting Assumptions: a. 60% of soles 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 seles for July are $195,000. 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 merchendise inventory shoutd equal $10,000 ptus 50% of the next month's cost of goods sold. e. Depreciation expense is $1,550 per month. All other selling and administrafive expenses are paid in full in the month the expense is incurred. Dequireds 1. Calculate the expected cash collections for April, May, and June. 2. Catcutate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expecied cash disbursements for merchandise purchases for Aprit, 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 vour answers in the tabs below. Calculate the expecisd cash collections for Apri, May, and June