Need help with Accounting Homework The two questions are attached.

The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash Accounts receivable Inventory Buildings and equipment, net Accounts payable Capital stock Retained earnings $ 6,500 $ $ 37,560 10,458 $ 116,900 $ $ 33,120 100,000 $ 38,298 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) January February March April $ 62,600 $ 74,700 $ 85,800 $ 94,000 $ 55,700 c. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods d. sold. e. One-quarter of a month's inventory purchases is paid for in the month of purchase; the other threequarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. f. Monthly expenses are as follows: commissions, $12,980; rent, $1,950; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,810 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $3,700 in January and $8,030 in February. h. Management would like to maintain a minimum cash balance of $5,000 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 $50,000. 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 data above: 1. Complete the following schedule: Cash sales Credit sales Total collections Schedule of Expected Cash Collections January February March $ 29,880 $ 37,560 $ 67,440 Quarter - Total $ $ $ $ $ 2. Complete the following: (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Round the "Schedule of Expected Cash Disbursements Merchandise Purchases" answers to 2 decimal places.) January Budgeted cost of goods sold Add desired ending inventory Total needs Less beginning inventory Required purchases $ 52,290* Merchandise Purchases Budget February March Quarter - Total $ $ $ $ $ $ 12,012 64,302 10,458 $ 53,844 *$74,700 sales 70% = $52,290. $85,800 70% 20% = $12,012. Schedule of Expected Cash DisbursementsMerchandise Purchases January December purchases January purchases February purchases March purchases Total disburseme nts $ 33,120.00* February $ 13,461.00 $ 40,383.00 $ 46,581.00 Quarter Total $ 33,120.00 March 53,844.00 $ $ $ *Beginning balance of the accounts payable. 3. Complete the following schedule: Schedule of Expected Cash DisbursementsSelling and Administrative Expenses January February March Quarter - Total Commissions $ 12,980 $ $ $ Rent 1,950 Other expenses 5,976 Total disbursements $ 20,906 $ $ $ 4. Complete the following cash budget: (Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Total Financing should be indicated with a minus sign when the company is repaying amounts that were previously borrowed.) January Picanuy Corporation Cash Budget February March Quarter - Total Cash balance, beginning Add cash collections Total cash available Less cash disbursements: For inventory For operating expenses For equipment Total cash disbursements Excess (deficiency) of cash $ 6,500.00 $ $ $ $ $ $ 67,440.00 73,940.00 46,581.00 20,906.00 3,700.00 71,187.00 2,753.00 Financing: Borrowings Repayments Interest Total financing Cash balance, ending $ 5. Prepare an absorption costing income statement for the quarter ended March 31. (Input all amounts as positive values.) Picanuy Corporation Income Statement For the Quarter Ended March 31 $ Cost of goods sold: $ Selling and administrative expenses: $ 6. Prepare a balance sheet as of March 31. (Be sure to list the assets and liabilities in order of their liquidity. Round your answers to 2 decimal places.) Picanuy Corporation Balance Sheet March 31 Assets Current assets: $ Total current assets Total assets $ Liabilities and Stockholders' Equity $ Stockholders' equity: $ Total liabilities and stockholders' equity $ Crydon, Inc., manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in preparing the budget: a. The Marketing Department has estimated sales as follows for the remainder of the year (in pairs of swim fins): The selling price of the swim fins is $14 per pair. July August September 6,000 7,000 5,000 October November December 4,000 3,000 3,000 b. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern: 45% in the month of sale in the month 49% following sale 6% uncollectible The beginning accounts receivable balance (excluding uncollectible amounts) on July 1 will be $127,000. c. The company maintains finished goods inventories equal to 9% of the following month's sales. The inventory of finished goods on July 1 will be 540 pairs. d. Each pair of swim fins requires 2 pounds of geico compound. To prevent shortages, the company would like the inventory of geico compound on hand at the end of each month to be equal to 20% of the following month's production needs. The inventory of geico compound on hand on July 1 will be 2,436 pounds. e. Geico compound costs $3.50 per pound. Crydon pays for 58% of its purchases in the month of purchase; the remainder is paid for in the following month. The accounts payable balance for geico compound purchases will be $11,200 on July 1. Required: 1a. Prepare a sales budget, by month and in total, for the third quarter. July Total budgeted sales August $ September $ $ Quarter - Total $ 1b. Prepare a schedule of expected cash collections, by month and in total, for the third quarter. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations.) July Accounts receivable, beginning balance July sales August sales September sales Total cash collections Schedule of Expected Cash Collections August September Quarter - Total $ $ $ $ $ $ $ $ 2. Prepare a production budget for each of the months July through October. (Input all amounts as positive values.) Production Budget August July September October Budgeted sales (pairs) : Total needs : Required production (pairs) 3a. Prepare a direct materials budget for geico compound, by month and in total, for the third quarter. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Input all amounts as positive values.) Direct Materials Budget August July September Quarter - Total Production needs (lbs.) : Total needs : Raw materials to be purchased Cost of raw materials to be purchased $ $ $ $ 3b. Prepare a schedule of expected cash disbursements for geico compound, by month and in total, for the third quarter. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Leave no cells blank - be certain to enter "0" wherever required.) Schedule of Expected Cash Disbursements July August September Accounts payable, beginning balance July purchases August purchases September purchases Total cash payments Quarter - Total $ $ $ $ $ $ $ $