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PROBLEM 7-27A Completing a Master Budget (LO7-2, LO7-4, LO7-7, LOT-8, LO7-9, LOT-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $8,000 $20,000 $36,000 $120,000 $21,750 $150,000 $12,250 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $50,000 $60,000 $72,000 $90,000 $48,000 C. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets). Equipment costing $1,500 will be purchased for cash in April. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. 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 $20,000. The interest rate on these loans 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 interest at the end of the quarter. h. The Chapter 7 Required: Using the preceding data: 1. Complete the following schedule: May June Quarter Schedule of Expected Cash Collections April $36,000 20,000 $56,000 Cash sales Credit sales Total collections 2. Complete the following: June Quarter May $54,000 Merchandise Purchases Budget April Budgeted cost of goods sold $45,000* Add desired ending inventory 43,2007 Total needs 88,200 Less beginning inventory 36,000 Required purchases $52,200 *For April sales: $60,000 sales x 75% cost ratio = $45,000. *$54,000 x 80% = $43,200 June Quarter Schedule of Expected Cash Disbursements-Merchandise Purchases April May March purchases $21,750 April purchases 26,100 $26,100 May purchases June purchases Total disbursements $47,850 $21,750 52,200 3. Complete the following cash budget: Cash Budget May June Quarter April $ 8,000 56,000 64,000 Beginning cash balance Add cash collections Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash Financing Etc. 47,850 13,300 1,500 62,650 1,350 4. Prepare an absorption costing income statement, similar to the one shown in Schedule 9 in the chapter. for the quarter ended June 30. 5. Prepare a balance sheet as of June 30