Please help, already answered most however am having trouble

1. Complete a schedule of expected cash collections for April, May, and June, and for the quarter in total.

2.

b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total.

3. Complete cash budget for April, May, and June as well as in total for the quarter.(Cash deficiency, repayments and interest should be indicated by a minus sign.)

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: Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense* Total selling and administrative expenses Net operating income April $ 540,000 378,000 162,000 May $ 740,000 518,000 222,000 June $ 440,000 308,000 132,000 74,000 42,000 116,000 $ 46,000 94,000 56,000 150,000 $ 72,000 55,000 34,400 89,400 $ 42,600 *Includes $16,000 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; 80% collected in the first month following the month of sale; and the remaining 10% collected in the second month following the month of sale. February's sales totaled $160,000, and March's sales totaled $220,000. 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 $99,400. 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 $75,600. f. Dividends of $24,000 will be declared and paid in April. g. Land costing $32,000 will be purchased for cash in May. h. The cash balance at March 31 is $46,000; 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 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, repay the loan plus accumulated interest at the end of the quarter. Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total. Schedule of Expected Cash Collections Cash sales Sales on account: February March April May June April May $108,000 $148,000 12,800 140,800 43,200 17,600 345,600 59,200 June $88,000 Quarter $344,000 43,200 473,600 35,200 12,800 158,400 432,000 532,800 35,200 Total cash collections $304,800 $570,400 $640,000 $1,515,200 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for April, May, and June. Merchandise Purchases Budget April May June Budgeted cost of goods sold $378,000 $518,000 $308,000 Less: Desired ending merchandise inventory 103,600 61,600 47,600 Total needs 481,600 579,600 355,600 Less: Beginning merchandise inventory 75,600 103,600 61,600 Required inventory purchases $406,000 $476,000 $294,000 b. A schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total. Schedule of Expected Cash Disbursements for Merchandise Purchases Beginning accounts payable April purchases May purchases June purchases Total cash disbursements April $99,400 203,000 May 203,000 238,000 June 238,000 147,000 Quarter $99,400 406,000 476,000 147,000 $302,400 $441,000 $385,000 $1,128,400 3. Prepare a cash budget for April, May, and June as well as in total for the quarter. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Garden Sales, Inc. Cash Budget For the Quarter Ended June 30 April May Beginning cash balance $46,000 $40,400 Add collections from customers 304,800 570,400 Total cash available 350,800 610,800 Less cash disbursements: Purchases for inventory 302,400 441,000 Selling expenses 74,000 94,000 Administrative expenses 26,000 40,000 Land purchases 32,000 Dividends paid 24,000 Total cash disbursements 426,400 607,000 Excess (deficiency) of cash available over (75,600) 3,800 disbursements Financing: Borrowings 116,000 37,000 Repayment 0 0 Interest 0 0 Total financing 116,000 37,000 Ending cash balance June $40,800 640,000 680,800 Quarter $127,200 1,515,200 1,642,400 385,000 1,128,400 55,000 223,000 18,400 84,400 32,000 24,000 458,400 1,491,800 222,400 150,600 153,000 2,690 155,690 153,000 153,000 2,690 308,690 $40,400 $40,800 $378,090 $459,290