I need help solving parts 3 - 5. Thank you!

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 $ 8,400 $ 23,600 $ 45,000 $ 123,600 $ 26,925 $ 150,000 $ 23,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 59,000 $ 75,000 $ 80,000 $ 105,000 $ 56,000 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, $3,200 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $927 per month (includes depreciation on new assets). g. Equipment costing $2,400 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. 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 $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. Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget. 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Quarter Schedule of Expected Cash Collections April May June Cash sales $ 45,000 $ 48,000 $63,000 63,000 Credit sales 23,600 30,000 32,000 Total collections $ 68,600 $ 78,000 $ 95,000 156.000 85,600 241.600 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. Quarter $195,000 33,600 228,600 45,000 $183,600 Merchandise Purchases Budget April May June Budgeted cost of goods sold $ 56,250 $ 60,000 $78,750 Add desired ending merchandise inventory 48,000 63,000 33,600 Total needs 104,250 123,000 112,350 Less beginning merchandise inventory 45,000 48,000 63,000 Required purchases $ 59,250 $ 75,000 $ 49,350 Budgeted cost of goods sold for April = $75,000 sales * 75% = $56,250. Add desired ending inventory for April = $60,000 x 80% = $48,000. Schedule of Expected Cash DisbursementsMerchandise Purchases April May June March purchases $ 26,925 April purchases 29,625 29,625 May purchases 37,500 37.500 June purchases 24,675 Total disbursements $ 56,550 $ 67,125 $ 62,175 Quarter $ 26,925 59,250 75,000 24,675 $185,850 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) June Quarter Shilow Company Cash Budget April May 8,400 $ 4,000 X 68,600 78,000 77,000 82,000 $ 0 0 6 7,125 Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments 56,550 16,700 2,400 75,650 1,350 67,125 14,875 0 2,650 % Interest Total financing Ending cash balance $ 2,650 4,000 14,875 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an absorption costing income statement for the quarter ended June 30. Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold: 0 Selling and administrative tive expenses: LO Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Stockholders' equity Total liabilities and stockholders' equity $ 0