i need req 1,2,3,4 &5 please

5 Cash Accounts receivable 216,800 Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $61,000 60,900 371,000 10 points $ 91,425 500,000 118,275 $709,700 $709,700 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual)$271,000 January February March $406,000 $603,000 $318,000 $214,000 April C. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales) e. Monthly expenses are budgeted as follows: salaries and wages, $36,000 per month: advertising, $60,000 per month. Shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $45,460 for the quarter f. Each month's ending inventory should equal 25% of the following month's cost of goods sold g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following h. During February, the company will purchase a new copy machine for $3,100 cash. During March, other equipment will i. During January, the company will declare and pay $45,000 in cash dividends month. be purchased for cash at a cost of $80,500 j. Management wants to maintain a minimum cash balance of $30,000. 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. 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 data above, complete the following statements and schedules for the first quarter 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31