Following is selected information relating to the operations of Shilow Company, a wholesale distributor: Current assets as of March 31: Cash $ 43,000 Accounts receivable 54 , 000 Inventory 97,200 Plant and equipment, net 236, 000 Accounts payable 81 , 200 Capital shares 320 , 000 Retained earnings 29 , 000 a. Gross margin is 25% of sales. b. Actual and budgeted sales data are as follows: March (actual) $135 , 000 April 162, 000 May 174 , 000 June 192 , 000 July 133 , 000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. At the end of each month, inventory is to be on hand equal to 80% of the following month's sales needs, stated at cost. e. One-half of a month's inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. f. Monthly expenses are as follows: salaries and wages, 12% of sales; rent, $9,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $2,600 per month (includes depreciation on new assets). g. Equipment costing $3,200 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $11,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000 The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth).6. Prepare a balance sheet as of June 30. SHILOW COMPANY Balance Sheet as of June 30 Assets Current assets: Total current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Stockholders' equity: Total shareholders' equity Total liabilities and shareholders' equity