If you are able to help with these problems, I want to make sure the answers i have so far are correct and if you could please show your work that would help tremendously! thank you in advance!

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods. Current assets as of March 31: Cash 58.900 Accounts receivable $ 25,600 Inventory $48.000 Building and equipment, net $ 111,600 Accounts payable 5 28,800 Common stock $ 150,000 Retained earnings $ 15,300 eBook a. The gross margin is 25% of sales b. Actual and budgeted sales data Print References March (actual) April May June July $ 64,000 $ 80,000 5.85,000 $ 110,000 $ 61,000 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 hair is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory t Monthly expenses are as follows: commissions, 12% of sales, rent, $3.700 per month other expenses (excluding depreciation, 6% of sales. Assume that these expenses are paid monthly, Depreciation is $837 per month includes depreciation on new assets) 9. Equipment costing $2,900 will be purchased for cash in April h Management would like to maintain a minimum cash balance of at least 54.000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of Stood 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 accumu Med 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 purchas 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. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Cash sales Schedule of Expected Cash Collections April May June Quarter $ 48,000 $ 51,000 $ 66.000 $ 165,000 25,600 34,000 44,000 103,600 $ 73,600 $ 85,000 $ 110,000 $ 268,600 Credit sales Total collections Nords Required 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. Merchandise Purchases Budget April May June Quarter Budgeted cost of goods sold $ 60,000 $ 63,750 $ 82,500 $ 206,250 Add desired ending merchandise inventory 51,000 48,000 66,000 165,000 Total needs 111,000 111,750 148,500 371,250 Less beginning merchandise inventory 48,000 51,000 48,000 147,000 Required purchases $ 63,000 $ 60,750 $ 100,500 $ 224,250 Budgeted cost of goods sold for April = $80,000 sales 75% = $60,000 Add desired ending inventory for April = $63,750 * 80% = $51,000. Schedule of Expected Cash Disbursements--Merchandise Purchases April May June Quarter March purchases $ 28,800 $ 28,800 April purchases 31,500 31,500 63,000 May purchases 30,375 30,375 60,750 June purchases 50,250 50,250 Total disbursements $ 60,300 $ 61,875 $ 80,625 $ 202,800 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.) Shillow Company Cash Budget April May June Quarter Beginning cash balance $ 8.900 $ 4200 $ 4,325 $ 8.900 Add collections from customers 73.600 83,000 100,000 256,600 Total cash available B2.500 87.200 104,325 265,500 Less cash disbursements: For inventory 60,300 70.875 65.925 197.100 For expenses 18,100 19.000 23.500 60.600 For equipment 2.900 2.900 Total cash disbursements 81,300 89,875 89.425 260.000 Excess (deficiency) of cash available over disbursements 1,200 (2.675) 14,900 4,900 Financing: 3.000 Borrowings 7.000 10,000 (10,000) (10,000) Repayments (230) (230) Interest 3,000 7,000 (10.230) (230) Total financing $ 4,200 $ 4,325 $ 4,670 $ 4,670 Ending cash balance ol 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 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Ending inventory 0 5 0 0 Selling and administrative expenses: Commissions Rent Depreciation Other expenses 0 0 0 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: Cash Accounts receivable Inventory ces 0 $ 0 Total current assets Building and equipment-net Total assets Liabilities and Stockholders' Equity Accounts payable Stockholders' equity: Common stock Retained earnings 0 0 Total liabilities and stockholders' equity Drev 5 of 5 BRI