Please answer question 3-6 based on previous information. Thanks

Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter. a. As of March 31 (the end of the prior quarter), the company's balance sheet showed the following account balances Cash Accounts receivable Inventory Buildings and equipment (net Accounts payable Capital stock Retained earnings $ 9.400 51,200 13,500 215,500 $ 20,190 190,000 79,410 $289,600 $289,600 b. Actual sales for March and budgeted sales for April-July are as follows March (actual) April May June July $64,000 $75,000 $86,000 $97,000 $52,000 C. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month d. The company's gross margin percentage is 40% of sales. (In other words, cost of goods sold is 60% of e. Monthly selling and administrative expenses are budgeted as follows: salaries and wages, $7,500 per following the sale. The accounts receivable at March 31 are a result of March credit sales sales month; shipping, 6% of sales; advertising, $6,200 per month; other expenses. 4% of sales Depreciation, including depreciation on new assets acquired during the quarter, will be $6,400 for the quarter f. Each month's ending inventory should equal 30% of the following month's cost of goods sold. g. Half of a month's inventory purchases are paid for in the month of purchase and half in the following month. h. Equipment purchases during the quarter will be as follows: April, $11,500; and May, $4,000 i. Dividends totaling $4,300 will be declared and paid in June j. Management wants to maintain a minimum cash balance of $8,000. 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 $20,000. The interest rate on these loans is 1% per month, and for simplicity, we wil 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, complete the following statements and schedules for the second quarter: 1. Schedule of expected cash collections Schedule of Expected Cash Collections June ril May Total Cash sales Credit sales Total collections $15,00017,200 19,400 $51,600 180,000 77,200 $88,200 $ 231,600 51,200 60,000 68,800 $66,200 $