I only need help with these parts of the problem. I've already done the rest of my homework, but cannot understand what I'm doing wrong.

#1-part D

#2-The Financing Section(I cannot figure out how to find May's borrowing, and June's interest/repayments

#3-The interest expense

#4-The whole problem.

You have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designers silk ties. The company has an exclusive franchise on the distribution of the ties, and sales have grown so rapidly over the last few years that it has become necessary to add new members to the management team. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April 1. You are anxious to make a favorable impression on the president and have assembled the information below.

The company desires a minimum ending cash balance each month of $10,000. The ties are sold to retailers for $8 each. Recent and forecasted sales in units are as follows:

January (actual)	25,000	June	67,000
February (actual)	33,000	July	47,000
March (actual)	35,000	August	40,000
April	36,000	September	39,000
May	54,000

The large buildup in sales before and during June is due to Fathers Day. Ending inventories are supposed to equal 90% of the next months sales in units. The ties cost the company $5 each.

Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 25% of a months sales are collected by month-end. An additional 50% is collected in the following month, and the remaining 25% is collected in the second month following sale. Bad debts have been negligible.

The companys monthly selling and administrative expenses are given below:

Variable:
Sales commissions		$ 1	per tie
Fixed:
Wages and salaries	$	22,700
Utilities	$	16,900
Insurance	$	1,000
Depreciation	$	1,500
Miscellaneous	$	3,100

All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance expired. Land will be purchased during May for $21,000 cash. The company declares dividends of $12,000 each quarter, payable in the first month of the following quarter. The companys balance sheet at March 31 is given below:

Assets
Cash	$	15,000
Accounts receivable ($66,000 February sales; $210,000 March sales)		276,000
Inventory (32,400 units)		162,000
Prepaid insurance		12,000
Fixed assets, net of depreciation		123,150
Total assets	$	588,150
Liabilities and Stockholders Equity
Accounts payable	$	89,750
Dividends payable		12,000
Capital stock		300,000
Retained earnings		186,400
Total liabilities and stockholders equity	$	588,150

The company has an agreement with a bank that allows it to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $130,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $10,000 in cash.

Required:
1.	Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets:

a.	A sales budget by month and in total. (2 marks) (Omit the "$" sign in your response.)

Cravat Sales Company Sales Budget
	April	May	June	Quarter
Total sales	$	$	$	$

b.	A schedule of expected cash collections from sales, by month and in total. (8 marks)(Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Cravat Sales Company Schedule of Expected Cash Collections
	April		May		June		Quarter
February sales		$		$		$		$
March sales
April sales
May sales
June sales
Total cash collections		$		$		$		$

c.	A merchandise purchases budget in units and in dollars. Show the budget by month and in total.(10 marks) (Input all amounts as positive values. Omit the "$" sign in your response.)

Cravat Sales Company Merchandise Purchases Budget
	April	May	June	Quarter
Budgeted sales in units
(Click to select) Add Deduct : (Click to select) Budgeted ending inventory Beginning inventory
Total needs
(Click to select) Deduct Add : (Click to select) Beginning inventory Budgeted ending inventory
Required unit purchases
Unit cost	$	$	$	$
Required dollar purchases	$	$	$	$

d.	A schedule of expected cash disbursements for merchandise purchases, by month and in total. (6.50 marks) (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Cravat Sales Company Budgeted Cash Disbursements for Merchandise Purchases
	April		May		June		Quarter
March purchases		$		$		$		$
April purchases
May purchases
June purchases
Total cash payments		$		$		$		$

2.	A cash budget. Show the budget by month and in total.(23.50 marks) (Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response)

Cravat Sales Company Cash Budget For the Three Months Ending June 30
	April		May		June		Quarter
Cash balance, beginning		$		$		$		$
Add receipts from customers
Total cash available
Less disbursements:
Purchase of inventory
Sales commissions
Salaries and wages
Utilities
Miscellaneous
Dividends paid
Land purchases
Total disbursements
Excess (deficiency) of receipts over disbursements
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending		$		$		$		$

3.	A budgeted income statement for the three-month period ending June 30. Use the contribution approach. (10 marks) (Input all amounts as positive values. Omit the "$" sign in your response.)

Cravat Sales Company Budgeted Income Statement For the Three Months Ended June 30
(Click to select) Cost of goods sold Insurance expenses Contribution margin Net income (loss) Net operating income (loss) Utilities Sales revenue				$
Variable expenses:
(Click to select) Commissions Cost of goods sold Salaries Net operating income Advertising Utilities Rent		$
(Click to select) Utilities Commissions Salaries Rent Net operating income Advertising Cost of goods sold
(Click to select) Utilities Commissions Contribution margin Sales revenue Net operating income (loss) Cost of goods sold Interest expense
Fixed expenses:
(Click to select) Utilities Sales Net operating income (loss) Depreciation Wages and salaries Miscellaneous Insurance expenses
(Click to select) Sales Utilities Depreciation Net operating income (loss) Miscellaneous Wages and salaries Insurance expenses
(Click to select) Insurance expenses Depreciation Wages and salaries Miscellaneous Net operating income (loss) Sales Utilities
(Click to select) Sales Net operating income (loss) Utilities Insurance expenses Miscellaneous Depreciation Wages and salaries
(Click to select) Miscellaneous Insurance expenses Sales Net operating income (loss) Utilities Wages and salaries Depreciation
(Click to select) Sales revenue Wages and salaries Net operating income (loss) Net income (loss) Contribution margin Cost of goods sold Utilities
(Click to select) Interest expense Rent Prepaid insurance Sales commissions Insurance Net operating income (loss) Utilities
(Click to select) Net income (loss) Contribution margin Sales revenue Commissions Wages and salaries Utilities Cost of goods sold				$

4.	A budgeted balance sheet as of June 30. (12 marks) (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)

Cravat Sales Company Budgeted Balance Sheet June 30
Assets
(Click to select) Fixed assets, net of depreciation Accounts receivable Cash Inventory Prepaid insurance	$
(Click to select) Fixed assets, net of depreciation Cash Prepaid insurance Accounts receivable Inventory
(Click to select) Accounts receivable Fixed assets, net of depreciation Prepaid insurance Cash Inventory
(Click to select) Fixed assets, net of depreciation Prepaid insurance Inventory Cash Accounts receivable
(Click to select) Dividends payable Accounts payable, purchases Fixed assets, net of depreciation Capital stock Retained earnings
Total assets	$
Liabilities and Stockholders Equity
(Click to select) Cash Capital stock Accounts payable, purchases Dividends payable Retained earnings	$
(Click to select) Retained earnings Loans payable, bank Capital stock Dividends payable Accounts payable, purchases
(Click to select) Retained earnings Accounts payable, purchases Capital stock Dividends payable Loans payable, bank
(Click to select) Cash Dividends payable Loans payable, bank Capital stock Accounts payable, purchases
(Click to select) Cash Loans payable, bank Retained earnings Dividends payable Accounts payable, purchases
Total liabilities and stockholders equity	$