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The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash ... $6,000 $36,000 $9,800 Accounts receivable Inventory Buildings and equipment, net. Accounts payable "Capital stock. Retained earnings $110,885 $32,550 $100,000 $30,135 . a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) January February March April $60,000 $70,000 $80,000 $85,000 $55,000 C. . Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each month's ending inventory should equal 20% of the following month's budgeted cost of goods sold. e. One-quarter of a month's inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. f. Monthly expenses are as follows: commissions, $12,000; rent, $1,800; other expenses (exclud- ing depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,400 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $3,000 in January and $8,000 in February. h. Management would like to maintain a minimum cash balance of $5,000 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 $50,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that inter- est is not compounded. The company would, as far as it is able, repay the loan plus accumu- lated interest at the end of the quarter. Required: Using the data above: 1. Complete the following schedule: Schedule of. Expected Cash Collections January February March SU Quarter Cash sales Credit sales Total collections...... $28,000 36.000 $64,000 2. Complete the following: Merchandise Purchases Budget January February March Quarter Budgeted cost of goods sold Add desired ending inventory Total needs Less beginning inventory Required purchases $49,000* 11,2007 60,200 9,800 $50,400 *$70,000 sales x 70% = $49,000. $80,000 X 70% X 20% $11,200. Schedule of Expected Cash Disbursements--Merchandise Purchases January February March Quarter December purchases. $32,550* $32,550 January purchases. 12,600 $37,800 50,400 February purchases March purchases Total disbursements $45,150 *Beginnirig balance of the accounts payable. 3. Complete the following schedule: * Schedule of Expected Cash Disbursements Selling and Administrative Expenses January February March Quarter ASSO Commissions $12,000 Rent 1,800 Other expenses 5,600 Total disbursements $19,400 4. Complete the following cash budget: Cash Budget Mary February January March Quarter $ 6,000 64,000 70,000 Cash balance, beginning Add cash collections. Total cash available Less cash disbursements: For inventory For operating expenses For equipment Total cash disbursements Excess (deficiency) of cash Financing Etc. 45,150 19,400 3,000 67,550 2,450 5. Prepare an absorption costing income statement, si for the quarter ended March 31. 6. Prepare a balance sheet as of March 31