Garden Sales, Inc purchases garden supplies which it then sells to customers, primarily in the landscaping business. The company began April with the following balances: 31-Mar 31-Mar Begin Cash Accounts Receivable Inventory Equipment (net) 11,100 5,900 1,550 119,650 Accounts Payable Note Payable Owner's Capital 2,100 40,000 96,100 Totals 138,20 The Company has prepared a Sales Forecast for the next 4 months, as follows April $20,000 Ma 22,000 June 24,200 July 26,620 Required: Prepare the schedules asked for on the following two pages by month for the next three month (April 1't to June 30h). a. Calculate the expected cash receipts from sales, assuming that on average 70% of credit sales are collected in the month of the sale and the balance is collected in the following month. b. The Company's COGS is 40% of sales. The Company wishes to end each month with inventory equivalent to 15% of the following month's budgeted cost of goods sold. c. Calculate the expected cash disbursements for merchandise assuming the Company pays 90% of its purchases in the month purchased and the remainder in the following month. Calculate the expected cash receipts from sales, assuming that on average 70% of credit sales are collected in the month of the sale and the balance is collected in the following month. Schedule of cash collections from customers The Company's COGS is 40% ofsales. The Company wishes to end each month with inventory equivalent to 15% of the following month's budgeted cost of goods sold. Schedule of merchandise purchases 90% of its purchases Calculate the expected cash disbursements for merchandise assuming the Company pays in the month purchased and the remainder in the following month. Schedule of cash payments for merchandise