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Garden Sales, Incorporated, sells garder 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 o. Budgeted monthly absorption cosung Income statements for April July are: April 5.550,000 385,099 165,000 July $350.00 245,000 185,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expenses Totat setting and administrative expenses Net operating income Includes $17,000 of depreciation och month May 3250.000 525,080 225, 95.000 56, BOB 131,300 June 3.450,00 315.000 15,000 56,000 35,000 91, de 5.44,900 75,000 42,500 117,00 347.500 35,000 33,00 68.000 $32.000 b. Sales are 20% for cash and 80% on account. Sales on account are collected over a three-month period with 10% collected in the month of sale 30% collected in the first month following the month of sales and the remaining 10% collected in the second month following the month of sale. February's Sales totaled $165.000, and March's sales totaled $225.000 d. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are for in the month of purchase. The remaining 50% 1 paid in the following month. Accounts payable at March 31 for inventory purchases during March total $101,500, c. Each months ending inventory must equal 20% of the cost of the merchandise to be sold in the following monts. The morchandise Inventory at March 31 is $78,000 1 Dividends of $25,000 will be declared and paid in April 9. Land costing $33,000 will be purchased for cash in May. h. The cash balance at March 31 is $47.000; the company must maintain a cash balance of at least $40.000 at the end of each month. 1. 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 $200,000. The Interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able topay the loan plus accumulated interest at the ond of the quarter Required 1 Required 2A Required 2B Required 3 Prepare the following for merchandise Inventory, a schedule of expected cash disbursements for merchandise purchases for April, May, and lune, and for the quarter in total. Schedule of Expected Cash Disbursements for Merchandise Purchases April May June Quarter 0 0 April purchases May purchases June purchases 0 0 Tolal cash disbursements 01$ 0 $ 0 May June Quarter 0 0 Garden Sales, Incorporated Cash Budget For the Quarter Ended June 30 April Beginning cash balance Add collections from customers Total cash available 0 Less cash disbursements: Purchases for inventory, Selling expenses Administrative expenses Land purchases Dividends paid Total cash disbursements 0 Excess (deficiency) of cash available over disbursements Financing Borrowings Repayment Interest 0 Total financing $ 0 $ Ending cash balance 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 A Required 28