number 6 only : garden sales cash budget. last picture attached

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 $ 670,000 $ 840,000 $ 550,000 $ 450,000 469,000 588,000 385,000 315,000 201,000 252,000 165,000 135,000 Sales Cost of goods sold Gross margin Selling and administrative expenses : Selling expense Administrative expense* Total selling and administrative expenses Net operating income 85,000 104,000 66,000 45,000 47,500 64,000 40,400 43,000 132,500 168,000 106,400 88,000 $ 68,500 $ 84,000 $ 58,600 $ 47,000 *Includes $27,000 of depreciation each month. b. Sales are 20% for cash and 80% on account. c. Sales on account are collected over a three-month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of pale. February's sales totaled $255,000, and March's sales totaled $270,000. d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following month. Accounts payable at March 31 for inventory purchases during March total $122,500. e. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 is $93,800. f. Dividends of $34,000 will be declared and paid in April. g. Land costing $42,000 will be purchased for cash in May. h. The cash balance at March 31 is $56,000; the company must maintain a cash balance of at least $40,000 at the end of each month. i. The company has an agreement with a local bank that allows the company to borrow in increments Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. led Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Req 3 Prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchandi April, May, and June, and for the quarter in total. Quarter $ 112,500 Schedule of Expected Cash Disbursements for Merchandise Purchases April May June Beginning accounts payable $ 112,500 April purchases 246,400 246,400 May purchases 273,700 273,700 June purchases 165,200 Total cash disbursements $ 358,900 $ 520,100 $ 438,900 492,800 547,400 165,200 $ 1,317,900 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. ed Complete this question by entering your answers in the tabs below. Ren 1 Req 2A Req 2B Req3 Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. Schedule of Expected Cash Collections April May June $ 134,000 $ 168,000 110,000 Quarter $ $ 412,000 Cash sales Sales on account: 51,000 189,000 53,600 February March April May June Total cash collections 54,000 375,200 67,200 107,200 470,400 44,000 731,600 51,000 243,000 536,000 537,600 44.000 $ 427,600 $ 664,400 $ $ 1,823,600 Master Budgeting) 6 Submitted 22.22/25 Total points awarded Help Exit quai LEI. Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. Complete this question by entering your answers in the tabs below. Req 1 Reg 21 Reg 2B Req3 Prepare the following for merchandise inventory, a merchandise purchases budget for April, May, and June. Merchandise Purchases Budget April May June Budgeted cost of goods sold 469,000 588,000 385.000 Add: Desired ending merchandise inventory 117,600 77,000 63,000 Total needs 586,600 665,000 448,000 Less: Beginning merchandise inventory 93,800 117,600 117,600 $ S Required inventory purchases 492,800 547,400 330,400 $ Prepare a cash budget for April, May, and June as well as in total for the quarter. (Cash deficiency, repayments and interest be indicated by a minus sign.) May $ $ 40,200 664,400 704,600 June 40,500 731,600 772,100 Quarter 56,000 1,823,600 1,879,600 Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April Beginning cash balance $ 56,000$ Add collections from customers 427,600 Total cash available 483,600 Less cash disbursements: Purchases for inventory 358,900 Selling expenses 85,000 Administrative expenses 20,500 Land purchases Dividends paid 34,000 Total cash disbursements 498,400 Excess (deficiency) of cash available over disbursements (14,800) Financing: Borrowings 55,000 Repayment Interest Total financing 55,000 Ending cash balance S 40,200 $ 520,100 104,000 37,000 42,000 438,900 66,000 13,400 1,317,900 255,000 70,900 42,000 34,000 1.719,800 159,800 ololo 703,100 1,500 518,300 253,800 39,000 94,000 X 94,000 94.000 2.400 190,400 350 200 2.400 96,400 350,200 39,000 40,500 $ $