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Deacon Company is a merchandising company that is preparing a budget for the second quarter of the calendar year. The following Information is available. DEACON COMPANY Balance Sheet March 31 Asta Cach 65,000 Accounts receivable Inventory 39.000 49.000 Plant and quiet, net of depreciation 000 Total samte 3 251.000 Liabilities and Shareholders' Equity Accounts payable 3 47.000 Common shares 63.000 Retained earnings 141.000 Total Habilities and shareholders' equity $ 251,000 Tune $ 138,000 Badested Income Statement Sales Cout of code sold Grosarcin Selling and administrative expenses Operating income Aril $107.000 52000 48,000 14.000 $ 34.000 377.000 $ 120,000 64.000 56.000 10.000 5 45,000 66,000 15,000 51.000 3 Budgeting Assumptions: a. Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $143,000. c. 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit a. Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $143.000. c. 10% of merchandise Inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. d. Each month's ending merchandise Inventory should equal $10,000 plus 50% of the next month's cost of goods sold. e Depreciation expense is $1.500 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April May, and June to determine the cash balance in your June 30 balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the expected cash collections for April, May, and Dune April May June Quarter Total cash collections Required 2 > a Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $143.000, c. 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. d. Each month's ending merchandise Inventory should equal $10,000 plus 50% of the next month's cost of goods sold. e Depreciation expense is $1.500 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June, 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet) Complete this question by entering your answers in the tabs below. Required 1 Reglwed 2 Required 3 Required 4 Calculate the budgeted merchandise purchases for April, May, and June April May Quarter June Budgotod merchandise purchases a. Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $143.000. c. 10% of merchandise Inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. d. Each month's ending merchandise Inventory should equal $10.000 plus 50% of the next month's cost of goods sold. e. Depreciation expense is $1,500 per month. All other selling and administrative expenses are paid in full in the month the expense is Incurred. Required: 1. Calculate the expected cash collections for April, May, and June 2. Calculate the budgeted merchandise purchases for April, May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April May, and June to determine the cash balance in your June 30 balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Calculate the expected cash disbursements for merchandise purchases for April, May, and June April May June Quarter Budgeted cash disbursements for merchandise purchases during April, May, and June to determine the cash balance in your June 30 balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet.) Deacon Company Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets $ 0 Liabilities and Shareholders' Equity Total liabilities and stockholders' equity $