Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30 th. The following Information is avallable 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 $218,000. c. 10% of merchandise inventory purchases are paid in cash at the tume of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are pald in the month subsequent to the purchase. The accounts payable at March 31 will be pald in Aprl. d. Each month's ending merchandise Inventory should equal $10,000 plus 50% of the next month's cost of goods sold. e. Depreclation expense is $1,800 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 Aprl, May, and June to determine the cash balance In your June 30th balance sheet.) Calculate the expected cash collections for April, May, and June. Calculate the budgeted merchandise purchases for April, May, and June. Iculate the expected cash disbursements for merchandise purchases for April, May, and June. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative eynences durinn Anril. Mav. and line to determine the rach halance in your June 30th balance sheet.)