need help solving 6) and 7) using the following info

6) and 7) below. the green highlighted number on 6 for may excess collection should be 97,465 but i cant figure out how to get that.

Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 710,000 $ 880,000 $ 590,000 $ 490,000 497,000 616,000 413,000 343,000 213,000 264,000 177,000 147,000 Sales Cost of goods sold Gross margin Selling and administrative expenses : Selling expense Administrative expense* Total selling and administrative expenses Net operating income 89,000 108,000 70,000 49,000 49,500 67,200 43,400 47,000 138,500 175,200 113,400 96,000 $ 74,500 $ 88,800 $ 63,600 $ 51,000 *Includes $31,000 of depreciation each month. May 40,400 $ 690,400 730,800 June Quarter 40,500 $ 60,000 771,600 1,867,200 812,100 1,927,200 Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April Beginning cash balance $ 60,000 $ Add collections from customers 405,200 Total cash available 465,200 Less cash disbursements: Purchases for inventory 391,300 Selling expenses 89,000 Administrative expenses 18,500 Land purchases Dividends paid 38,000 Total cash disbursements 536,800 Excess deficiency) of cash available over disbursements (71,600) Financing: Borrowings 112,000 Repayment Interest Total financing 112,000 Ending cash balance $ 40,400$ 548,100 108,000 36,200 46,000 487,200 70,000 12,400 1,426,600 267,000 67,100 46,000 38,000 1,844,700 82,500 738,300 (7,500) 569,600 242,500 48,000 (160,000) (4,320) (164,320) 78,180$ 160,000 (160,000) (4,320) (4,320) 78,180 48,000 40,500$ Use Question 5 from HW4 on CONNECT to complete the project requirements. Highlighted items represent check figures provided. 1) Let's prepare a balance sheet for Garden Sales, Inc. at the BEGINNING of the quarter - March 31* The CONNECT problem provides beginning cash, Inventory and accounts payable balance as of March 31. To complete the balance sheet, we will have to calculate a few balances. a) Look at the Schedule of Expected Cash Collections that you completed on CONNECT. (CONNECT results) Remember the accounts receivable represents the sales that have already been made but payment is expected in the future. What would the accounts receivable balance be as of March 31? Feb $44,000 Mar $208,800 Total $252,800 b) Complete the asset side of the balance sheet including total assets. Assets (100,000+531,300)+130,900=9762,200 c) Include the total asset amount in the total liability & SH Equity" box. Include the accounts payable amount from CONNECT and calculate the amount of retained earnings such that the balance sheet will balance. Cash Accounts Receivable Inventory Total current assets Plant Assets, net Total Assets Garden Sales, Inc Balance Sheet March 31 $60,000 Accounts Payable $130,900 $252,800 $99,400 Common Stock $100,000 $412,200 Retained Earnings $531,300 350,000 Total SH Equity $631,300 $762,200 Total liabilities & SH Equity $762,200 The company's president is concerned about its ability to borrow money on its line of credit. The bank has indicated they will reduce the total loan balance limit to $100,000. Because of this, the president wants to know how increased collection efforts and reduced inventory levels will impact the cash budget. The president suggests that sales continue to be 20% for cash and 80% on credit. However, credit sales for April, May, and June will be collected over a three-month period with 25% collected in the month of sale, 65% collected in the month following sale, and 10% in the second month following sale. This change in policy will not affect collection of sales from February and March. (Assume those are unchanged from your CONNECT problem.) 2) Using the president's revised assumptions, complete the revised cash collection schedule below. Because these changes will take effect April 1, all previous months' sales will be collected in accordance with the old policies. (Same as on CONNET) Revised Cash Collection Schedule Collections on Sales: April . June Quarter Cash sales 142,000 176,000 118,000 436,000 February credit sales: 44,000 44,000 March credit sales: 162.400 46,400 208.800 April credit sales: 142.000 369.200 56,800 568,000 May credit sales: 176,000 457,600 633,600 June credit sales: 118,000 118,000 Total cash collections 490.400 767.600 750.400 2.008.400 Next, the president suggests the company tighten the inventory level requirements such that ending inventory levels for April, May, and June would be only 15% of the cost of merchandise to be sold in the following month. The merchandise inventory and accounts payable at March 31 remains unchanged from the amount given in your CONNECT problem. Note - This will not change the March 31 inventory balance. 3) Using the president's new assumptions regarding inventory levels, complete the revised Inventory Purchasing Budget July 343,000 Revised Inventory Purchasing Budget April May Budgeted cost of goods sold 497,000 616,000 Add desired ending Inventory 92,400 61,950 Total needs 589,400 677,950 Less beginning merchandise inventory 99,400 92,400 Required inventory purchases 490.000 585.550 June 413,000 51,450 464,450 61,950 402.500 4) The company has been postponing payments to supplier for quite some time such that the president does not believe they can change their payment policies. (Percentages used in CONNECT will not change). The president is hoping the reduced inventory amounts will be enough to conserve cash. Using the same payment policy from CONNECT, complete the Revised Cash Disbursements Schedule below. Revised Cash Disbursements for Inventory April May June Beginning accounts payable 130,900 April purchases 245,000 245,000 May purchases 292,775 292,775 June purchases 201,250 Total cash disbursements for Inventory 375.900 537.775 494.025 Quarter 130,900 490,000 585,550 201,250 1.407.700 5) The president does, however, believe that can deferred 20% of their selling and administrative cash costs into the month following the expense. This would create an increase to accounts payable at the end of each month equal to 20% of the current month's selling and administrative cash expenses (without depreciation). Complete the table below for the Cash Disbursements for Selling and Administrative expenses. Cash Disbursements for Selling & Administrative Expenses April May June Beginning accounts payable -0- April expenses 86000 21500 May expenses 115360 28840 June expenses 65920 Total cash disbursements for S & A expenses 86000 136860 94760 Quarter 0 107500 144200 65920 317620 6) Using all the information from the tables above, complete the revised cash budget below. June 72,575 750,400 822,975 Quarter 60,000 2,008,400 2,068,400 494,025 94,760 Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April May Beginning cash balance 60,000 40,075 Add collections from customers 490,400 767,600 Total cash available 550,400 807,675 Less cash disbursements: Purchases for inventory 375,900 537,775 Selling & Administrative expenses 86,000 136,860 Land purchases 46,000 Dividends paid 38,000 Total cash disbursements 499,900 720,635 Excess (deficiency) of cash available over disbursements 50,500 97,465 Financing: Borrowings 2,000 Repayments (2.000) Interest (40) Total financing 2,000 (2,040) Ending cash balance 40.075 72.575 1,407,700 317,620 46,000 38,000 1,834,170 588,785 234,190 234,230 2,000 (2,000) (40) (40) 234.190 234.190 7) If the company can meet the president's new assumptions, how will it affect the cash budget? Will the company be able to keep its borrowing below the new limit? Explain in 30 to 50 words