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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $8,800 25,200 $ 47,40e 5 114,000 28,425 s 150,000 $16,975 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May une 63,000 $ 79,00 $ 84,000 s 109,000 5 60,00e Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase: the other haif is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory f. Monthly expenses are as follows commissions. 12% of sales: rent, $3.600 per month, Other expenses (excluding depreciation. 6% of sales. Assume that these expenses are paid monthly. Depreciation is $855 per month (includes depreciation on new assets) g. Equipment costing $2.800 will be purchased for cash in April h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. 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 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 Using the preceding data 1. Complete the schedule of expected cash collections 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purch 3. Complete the cash budget. 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 5 Required 3 Required 4 Required 1Required 2 Complete the schedule of expected cash collections Schedule of Expected Cash Collections April May June Quarter $47,400 25,.200 72.600S0 Cash sales Credit sales Total collections Required 2> 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required s Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget AprilMayJune Quarter S 59.250 S63,000 Budgeted cost of goods sold Add desired ending merchandise inventory Total needs Less beginning Required purchases Budgeted cost of goods sold for April-s79 000 sales 75% $59,250 Add desired ending inventory for April-$63,000-80%-$50,400 50.400 109,65063,000 47,400 e inventory 62.250 $63,000$ Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter 5 28 425 31,125 $31.125 March purchases April purchases May purchases June purchases Total disbursements S 28.425 62.250 $ 59.550 $31,125 0 $ 90675 Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget Quarter April May June $ 8,800 72,600 81.400 Beginning cash balance Add collections from customers Total cash available Less cash disbursements 59,550 17,820 2,800 80,170 230 For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Repayments Interest Total financing Ending cash balance 1,230 Required 2 Required 4> 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Requited 4 Required 5 Prepare an absorption costing income statement for the quarter ended June 30. Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold Selling and administrative expenses Required Required 5> 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets Total current assets Total assets Liabilities and Stockholders' Equity Stockholders' equity Total liabilities and stockholders' equity Required 4