*I need this question with calculation please* home / study / questions and answers / business / accounting / 1.value: 100.00 points the following data relate ... Your question has been answered! Rate it below. Let us know if you got a helpful answer. . Question 1.value: 100.00 points The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash $ 6,700 Accounts receivable $ 36,900 Inventory $ 11,130 Buildings and equipment, net $ 120,000 Accounts payable $ 32,880 Capital stock $ 100,000 Retained earnings $ 41,850 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) $61,500 January $79,500 February $88,800 March $89,400 April $58,100 c. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each months ending inventory should equal 20% of the following months budgeted cost of goods sold. e. One-quarter of a months inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. f. Monthly expenses are as follows: commissions, $12,150; rent, $2,650; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,550 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $3,830 in January and $8,100 in February. h. Management would like to maintain a minimum cash balance of $5,000 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 $50,000. 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 Schedule of Expected Cash Collections January February March Quarter Cash sales $31,800 Credit sales 36,900 Total collections $68,700 $0 $0 $0 Complete the following: Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold $55,650 Add desired ending inventory 12,432 Total needs 68,082 Less beginning inventory 11,130 Required purchases $56,952 Budgeted cost of goods sold for January = $79,500 sales 70% = $55,650. Add desired ending inventory for January = $88,800 70% 20% = $12,432. Schedule of Expected Cash DisbursementsMerchandise Purchases January February March Quarter December purchases $32,880.00 $32,880.00 January purchases $14,238.00 $42,714.00 $56,952.00 February purchases March purchases Total disbursements $47,118.00 $42,714.00 $0.00 $89,832.00 Complete the following schedule Schedule of Expected Cash DisbursementsSelling and Administrative Expenses January February March Quarter Commissions $12,150 Rent 2,650 Other expenses 6,360 Total disbursements $21,160 $0 $0 $0 Complete the following cash budge Picanuy Corporation Cash Budget January February March Quarter Cash balance, beginning 6,700.00 Add cash collections 68,700.00 Total cash available 75,400.00 0.00 0.00 0.00 Less cash disbursements: For inventory 47,118.00 For operating expenses 21,160.00 For equipment 3,830.00 Total disbursements 72,108.00 0.00 0.00 0.00 Excess (deficiency) of cash 3,292.00 0.00 0.00 0.00 Financing: Borrowings Repayments Interest Total financing $0.00 $0.00 $0.00 $0.00 Cash balance, ending $3,292.00 Prepare an absorption costing income statement for the quarter ended March 31. Prepare a balance sheet as of March 31? (PLEASE I NEED THIS WITH CALCULATION)