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Encanto Enterprises is in the process of preparing its master budget. The company has realized the benefits of budgeting and is prioritizing this task. You are spearheading the preparation of the master budget and have come up with the following data and information: a. The gross margin is 25% of sales. b. Actual and budgeted sales data: c. Sales are 60% for cosh and 40% on credit Credit sales are collected in the month following sale. The accounts recelvable of March 31 are a result of March credit soles. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. - One-half of a month's inventory purchoses is poid for in the month of purchase: the other haif is paid for in the following month. The occounts payable at March 31 ore the result of March purchases of inventory. f. Morthly expenses are as follows, commissions, 12% of sales; rent, $2.300 per month; other expenses (excluding depreciation), 6$. of soles. Assume that these expenses are poid monthly. Depreciation is $954 per month (includes depreciation on new assets). 9. Equipment costing $1,500 will be purchosed for cosh in April. h. Monagement would like to mointain a minimum cash balance of ot lesst $4,000 at the end of each month. The compony hos an agreement with o local bank that allows the compony to borrow in increments of $1,000 ot the beginning of esch month, up to a total loan bolonce of $20,000. The interest rate on these losns is 116 per month ond for simplicity we will assume that interest is not compounded. The company would. as far as it is alaie, repoy the ioon plus occumulated interets ot the end of the quarter: 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 . Complete this question by entering your answers in the tabs below