Need help fixing my mistakes, thanks in advance.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: $ 45,000 204,000 58,500 Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock 355,000 $ 86,625 500,000 75,875 Retained earnings $662,500 $662,500 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual)$255,000 $390,000 $587,000 $301,000 $198,000 January February March April c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $20,000 per month: advertising, $60,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,900 for the quarter f. Each month's ending inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month h. During February, the company will purchase a new copy machine for $1,500 cash. During March, other equipment will be purchased for cash at a cost of $72,500. i. During January, the company will declare and pay $45,000 in cash dividends. j. Management wants to maintain bank that allows the company to borrow in increments of $1,000 at the beginning of each month. 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. minimum cash balance of $30,000. The company has an agreement with a local Required: Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Required Required Required Required 1 2A 2B 3 Complete the Schedule of expected cash collections: Schedule of Expected Cash Collections January February March $ Quarter $ 117,400 60,200 312,000 469,600 $ 255,600 985,600 Cash sales 78,000 Credit sales Total collections 204,000 $ $ $ 429,400 529,800|1,241,200 282,000 Merchandise Purchases Budget March January February Quarter Budgeted cost of goods sold Add desired ending inventory Total needs Less beginning inventory 234,000 $352,200 766,800 45,150 29,700 29,700 180,600 88,050t 210,300 397,350 322,050 796,500 88,050 45,150 58,50 58,500 $ 165,150 $ 263,550 $ 309,300 Required purchases 738,000 $390,000 sales 60% cost ratio = $234,000. t$352,200 x 25% = $88,050. Complete the schedule of expected cash disbursements for merchandise purchases. Schedule of Expected Cash Disbursements for Merchandise Purchases January $ 86,625 February March Quarter December purchases January purchases February purchases March purchases Total cash disbursements for purchases |$ 86,625 263,550 309,300 82,575 82,575 $ S 131,775 131,775 154,650 154,650 $ 218,400 $ $ 286,425 237,225 742,050 Hillyard Company Cash Budget February $30,400 429,400 529,800 1,241,200 January $ 45,000 March Quarter Beginning cash balance Add cash collections Total cash available Less cash disbursements: Inventory purchases Selling and administrative expenses Equipment purchases Cash dividends Total cash disbursements Excess (deficiency) of cash Financing: Borrowings Repayments $ 46,915X $ 45,000 282,000 327,000 459,800 576,715 1,286,200 742,050 286,425 237,225 218,400 342,240 104,080 126,960 111,200 1,500 72,500 74,000 45,000 1,203,290 45,000 414,885 374,600 413,805 (47,600) 162,910 44,915 82,910 80,000X 80,000X (80,000 X (2,400X (2,400) $ 80,510 (80,000X (2,400 X (82,400) $ 80,510 Interest Total financing Ending cash balance 80,000 $ 32,400 $ 44,915