I have my final exam please help i have only 1 hour

Mahendra Toys is a wholesale distributor of gifts and accessories. The following data relates to thei balance sheet as of 31 December 2019. 5 8.000 5 42.000 m 5 10.200 5136.000 5196.200 5 30.200 5120.000 s 45 mo 5196.200 a. The gross margin for the company is 40% of sales. b. Actual and budgeted sales data are as follows December Actual anua J c. Sales are 30% in cash and 70% in credit. Credit sales are collected in the month following the salt d. Each month's ending inventory should be 25% of the following month's budgeted cost of good sold. e. 30% of the month's inventory purchases are paid for in the month of purchase; the remainin 20% is paid for in the following month. f. Monthly expenses are as follows: salaries, $10,000; rent, $6,000; advertisements, $2,000; othe expenses [excluding depreciation), 12% of sales. Depreciation is $3,200 for the quarter ann includes depreciation on new assets acquired during the quarter. Equipment will be acquired for cash: $4,000 in January and $6,000 in March. . Management would like to maintain a minimum cash balance of $6,000 at the end of each montl Assume the company can borrow at 0% interest and they do not pay any income tax. All borrowin occurs at the beginning of a month. The company will, as far as it is able, repay outstanding loan at the end of each month :9: Question 1: Prepare the following budgets for each of the rst three months of 2020. [20 Marks] - Schedule of Expected Cash Collection - Merchandise Purchase Budget - Schedule of Cash Disbursement for Purchase - Schedule of Cash Disbursement for S 8: A expenses - Cash Budget Question 2: Prepare a budgeted income statement for the rst three months of 2020 and a budgeted balance sheet as of March 31, 2020 [ 10 Marks]