Garden Sales, Incorporated, usually has to borrow money during the second quarter to support peak sales of lawn care equipment

during May. It gathered the following information to prepare a cash budget for the quarter:

a$.$ Budgeted monthly absorption costing income statements for April$-$July are:

$*$Includes $$22,000$ of depreciation each month.

b$.$ Sales are $20\%$ for cash and $80\%$ on account.

c$.$ Sales on account are collected over a three$-$month period with $10\%$ collected in the month of sale, $80\%$ collected in the first month

following the month of sale, and the remaining $10\%$ collected in the second month following the month of sale. February's sales

totaled $$205,000,$ and March's sales totaled $$245,000.$

d$.$ Inventory purchases are paid for within $15$ days. Therefore, $50\%$ of a month's inventory purchases are paid for in the month of

purchase. The remaining $50\%$ are paid in the following month. Accounts payable at March $31$ for inventory purchases during March

total $$109,900.$

e$.$ Each month'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 $$82,600.$

f$.$ Dividends of $$29,000$ will be declared and paid in April.

g$.$ Land costing $$37,000$ will be purchased for cash in May.

h$.$ The cash balance at March $31$ is $$51,000$; the company must maintain a cash balance of at least $$40,000$ at the end of each month.

i$.$ The company has an agreement with a local bank that allows the company to borrow in increments of $$1,000$ at the beginning of

each month, up to a total loan balance of $$200,000.$ The interest rate on these loans is $1\%$ per month, and for simplicity we will Complete this question by entering your answers in the tabs below.

Required $1$

Required $2A$

Required $2$B

Required $3$

Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total.

$\backslash$table$[[$Schedule of Expected Cash Collections$],[,$April,May,June,Quarter$],[$Cash sales,,,,$$],[$Sales on account:$],[$February$,,,,0],[$March$,,,,0],[$April$,,,,0],[$May$,,,,0],[$June$,,,,0],[$Total cash collections,$$,$$$,0,$$$]]$ Complete this question by entering your answers in the tabs below.

Required $1$

Required $2A$

Required $2$B

Required $3$

Prepare the following for merchandise inventory, a merchandise purchases budget for April, May, and June. Complete this question by entering your answers in the tabs below.

Required $1$

Required $2A$

Required $2$B

Required $3$

Prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchandise purchases for

April, May, and June, and for the quarter in total.$\backslash$table$[[$Garden Sales, Incorporated$],[$Cash Budget$],[$For the Quarter Ended June $30],[,$April,May,June,Quarter$],[$Beginning cash balance$],[$Add collections from customers$],[$Total cash available,$0,0,0,0],[$Less cash disbursements:$],[$Purchases for inventory$],[$Selling expenses$],[$Administrative expenses$],[$Land purchases$],[$Dividends paid$],[$Total cash disbursements,$0,0,0,0],[$Excess $($deficiency$)$ of cash available over disbursements,$0,0,0,0],[$Financing:$],[$Borrowings$],[$Repayment$],[$Interest$],[$Total financing,$0,0,0,0],[$Ending cash balance,$$,0,$$$,$$$]]$