Garden Sales, Incorporaled, selte garden suppens. Management is planning its cash needs for the second quarter. The ocmpary usualy has to berow money duting this quareer to support peak saies of lawn care equpment, which occur during Max. The foliowing infomation has been assembled to assist in proparing. a cash budjet for the quarter a Hudineted monthly absoreton cosing inoome statements for Aprit- July are b Sales are 20\% for cash and 80% on account. c. Sales on account are collected over a three-month period with 10% collecled in the month of sale: 70% collected in the first month following the month of sale; and the remaining 20% collected in the secend month following the month of sale. Fobriasy's sales totaled $200.000, and March's sales totaled 5300.000. d Inventory parchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaning 50% is paid in the following moeth. Accounts payable at March 31 for inventory purchases during March total 5126,000 : 6. Each montr's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is 584.000. f. Dividends of $49,000 will be declared and paid in April. 9. Land costing $16.000 will be purchased for cash in May. h. The cash balance at Match 31 is $52.000; the company must maintain a cash balance of at least 540,000 at the end of each month L. The company has an agroement with a local bank that allows the company to borrow in increments of $1.000 at the beginning of sach month, up to a total laan balance of $200,000. The interest fate on these laans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated intecest at the end of the quarter. Required: 1. Propare a schedule of expected cash collections for Apri, May, and June, and for the quarter in total. 2. Prepare the following for merchandise irventory: a. A merchandise purchases budget for Aprit. May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. 3. Propare a cash bufget for April, May, and June as woll as in total for the quarter. Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in tolal. Prepare the following for merchandise inventory: A merchandise purchases budget for April, May, and June A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and or the quarter in total. 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. Complete this question by entering your answers in the tabs below. Prepare the following for merchandise inventory, a merchandise purchases budget for April, May, an