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Question

Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available

Deacon Company

Balance Sheet. March 31

Assets

Cash $68,800

Accounts receivable 34,000

Inventory 64,600

Buildings and equipment, net of depreciation 122,00

Total assets $289,400

Liabilities and Stockholders' Equity

Accounts payable $96,500

Common stock 70,000

Retained earnings 122,900

Total liabilities and stockholders' equity 289,400

Budgeted Income Statements

April May June

Sales$ 182,000 $192,000 $212,000

Cost of goods sold 109,200 115,200 127,200

Gross margin 72,800 76,800 84,800

Selling and administrative expenses 18,800 20,300 23,300

Net operating income $ 54,000 56,500 61,500

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 $222,000.

c) 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts payable at March 31 will be paid in April.

d) Each month's ending merchandise inventory should equal $10,000 plus 50% of the next month's cost of goods sold.

e) Depreciation expense is $1,300 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 April, May, and June to determine the cash balance in your June 30th balance sheet.)