I'm stuck - please help with requirement 4 and 5. Thank you!

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,600 $ 24,400 $ 46,200 $ 118,800 $ 27,675 $ 150,000 $ 20,325 a. The gross margin is 25% of sales b. Actual and budgeted sales data: March (actual) April May June July $ 61,000 $ 77,000 $ 82,000 $ 107,000 $ 58,000 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 half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales, rent, $3,400 per month, other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $891 per month (includes depreciation on new assets) g. Equipment costing $2,600 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 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 $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 accumulated 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 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. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Quarter Schedule of Expected Cash Collections April May June Cash sales $ 46,200 $ 49,200 $ 64,200 Credit sales 24,400 30,800 32,800 Total collections $ 70,600 $ 80,000 $ 97,000 159.600 88,000 247.600 Required 1 Required 2 > 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. Quarter $ 199,500 34,800 234,300 46,200 $ 188,100 Merchandise Purchases Budget April May June Budgeted cost of goods sold $ 57,750 $61,500 $ 80,250 Add desired ending merchandise inventory 49,200 64,200 34,800 Total needs 106,950 125,700 115,050 Less beginning merchandise inventory 46,200 49,200 64,200 Required purchases $ 60,750 $76,500 $ 50,850 Budgeted cost of goods sold for April = $77,000 sales x 75% = $57.750. Add desired ending inventory for April = $61,500 x 80% = $49,200. Schedule of Expected Cash Disbursements-Merchandise Purchases April May June March purchases $ 27,675 April purchases 30,375 30,375 May purchases 38,250% 38,250 June purchases 25,425 Total disbursements $ 58,050 $68,625 $ 63,675 Quarter $ 27,675 60,750 76,500 25,425 $ 190,350 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.) Shilow Company Cash Budget April May $ 8,600 $ 4,290 70,600 80,000 79,200 84.290 June $ 4,505 97,000 101,505 Quarter $ 8,600 247,600 256,200 Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing 68,625 18,160 63,675 22,660 58,050 17,260 | 2,600 77,910 1,290 190,350 58,080 2,600 251,030 5,170 86,785 (2,495) 86,335 15,170 Borrowings 3,000 7,000 Repayments Interest Total financing Ending cash balance (10,000)| (230) (10,230) 4,940 10,000 (10,000) (230) (230) 4,940 3,000 4,290 7,000 4,505 $ $ $ $ Required 2 Required 4 > 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 46,200 Purchases | Goods available for sale 46,200 Ending inventory Gross margin Selling and administrative expenses: Commissions | Rent Depreciation | Other expenses 46,200 (46,200) (46,200) Net operating income Interest expense Net income (46,200) 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 $ 4,940 Accounts receivable Inventory 14.94 4,940 Total current assets Building and equipment-net Total assets Liabilities and Stockholders' Equity Accounts payable $ 4,940 Stockholders' equity Common stock Retained earnings $ 150,000 150,000 150,000 Total liabilities and stockholders' equity $