Hilyard Company, an office supplies specialty store, pathered the following information so prepare its master budpet for the first quarter of the year: a. As of December 31 (the end of the prier quarter), the compary's general ledger showed the following account balances: b. Actual sales for December and budgeted soles for the neat four months are as follows recelvable ot December 31 are a resuit of December ciedn sales. d. The company's gross margin is 40% of sales on other werds, ceit of goods soid is cos of sales) \$.3.060 for the quariet. t Each month's ending imentory should eoual 25x of the following monthrs cost of goods soid for cash at e cost of $72.000. L. During January, the compary wal dectare and pay 545,000 in cash dividends. to borrow in increments of $1.000 at the beginoing of each month. The interestiate on these loans is 15 per month, and for simplicity, we will assume interest is not compounded. The compony woutd, as far as h is able, repary the loan plus accumulated interest it the end of the quarter. Required: Required: Using the data above, complete the folbowing statements and schedvies for the frst quarter 1 Schedve of erpected cash colections: 2. Merchandse purchases budpet: 2- b. Schedule of expected cash disbursements for merchandive purchases: 3. Cush budget 4. Prepare an absorption costing income statement for the quarter ending Much 31 5. Prepare a balance steet as of March 31 . Complete this question by entering your answers in the tabs below. Prepare an absorption costing income statement for the quarter ending March 31