Please help me do this exercice Deacon Company is a merchandising company that is preparing a budget for the three month period ended June 30th The following information is available Deacon Company Balance Sheet March 31 Assets Cash $ 59,600 Accounts receivable 45,200 Inventory 56,800 Buildings and equipment, net of depreciation 177,000 Total assets $ 338,600 Liabilities and Stockholders Equity Accounts payable $ 146,000 Common stock 70,000 Retained earnings 122,600 Total liabilities and stockholders equity $ 338,600 Budgeted Income Statements April May June Sales $ 156,000 $ 166,000 $ 186,000 Cost of goods sold 93,600 99,600 111,600 Gross margin 62,400 66,400 74,400 Selling and administrative expenses 18,700 20,200 23,200 Net operating income $ 43,700 $ 46,200 $ 51,200 Budgeting Assumptions 60 of sales are cash sales and 40 of sales are credit sales Twenty percent of all credit sales are collected in the month of sale and the remaining 80 are collected in the month subsequent to the sale Budgeted sales for July are $196,000 Ten percent 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 The accounts payable at March 31 will be paid in April Each months ending merchandise inventory should equal $10,000 plus 50 of the next months cost of goods sold Depreciation expense is $2,000 per month All other selling and administrative expenses are paid in full in the month the expense is incurred Required Calculate the expected cash collections for April, May, and June Calculate the budgeted merchandise purchases for April, May, and June Calculate the expected cash disbursements for merchandise purchases for April, May, and June Prepare a budgeted balance sheet at June 30th (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 30th balance sheet )

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Please help me do this exercice Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The

Please help me do this exercice

Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available

Deacon Company
Balance Sheet
March 31
Assets
Cash	$ 59,600
Accounts receivable	45,200
Inventory	56,800
Buildings and equipment, net of depreciation	177,000
Total assets	$ 338,600
Liabilities and Stockholders Equity
Accounts payable	$ 146,000
Common stock	70,000
Retained earnings	122,600
Total liabilities and stockholders equity	$ 338,600

Budgeted Income Statements	April	May	June
Sales	$ 156,000	$ 166,000	$ 186,000
Cost of goods sold	93,600	99,600	111,600
Gross margin	62,400	66,400	74,400
Selling and administrative expenses	18,700	20,200	23,200
Net operating income	$ 43,700	$ 46,200	$ 51,200

Budgeting Assumptions:

60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80% are collected in the month subsequent to the sale.
Budgeted sales for July are $196,000.
Ten percent 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. The accounts payable at March 31 will be paid in April.
Each months ending merchandise inventory should equal $10,000 plus 50% of the next months cost of goods sold.
Depreciation expense is $2,000 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.

Required:

Calculate the expected cash collections for April, May, and June.
Calculate the budgeted merchandise purchases for April, May, and June.
Calculate the expected cash disbursements for merchandise purchases for April, May, and June.
Prepare a budgeted balance sheet at June 30th. (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 30th balance sheet.)