pls answer, some are filled in you can start at 2a

1 Hillyard Company, an office supples specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: 10 paints eBook 55,000 Cash Print 212,000 References Accounts receivable 60,000 Inventory Buildings and equipment (net) 365,000 89,625 Accounts payable 500,000 Common stock 102,375 Retained earnings 692,000s 692,000 $ Actual sales for December and budgeted sales for the next four months are as b. follows: December(actual) $265,000 January February March April $400,000 $597,000 $312,000 $208,000 ooints eBook Print References c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts recelvable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $30,000 per month: advertising, $66,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $44,500 for the quarter. f. Each month's ending inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month. h. During February, the company will purchase a new copy machine for $2,500 cash. During March, other equipment will be purchased for cash at a cost of $77,500. i. During January, the company will declare and pay $45,000 in cash dividends. J. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beainnina of each month. The interest rate on thece loane ie 1% ner. j. Management wants to maintain a minimum cash balance of $30,00O. 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. 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 data above, complete the following statements and schedules for the first quarter 1. Schedule of expected cash collections: Hillyard Company Schedule of Expected Cash Collections Quarter February $119,400 $ 62,400$261,800 March January $ 80,000 Cash sales 477,600 1,009,600 320,000 212,000 Credit sales $ $ 292,000 439,400 540,000 Total collections 1,271,400 Hillyard Company Schedule of Expected Cash Collections February Quarter March January $ 261,800 $ 80,000 $ 119.400 $ 62,400 320,000 Cash sales 1,009,600 477,600 212,000 Credit sales $ 1,271,400 ok $ 292,000 S 439,400 $ 540,000 Total collections t nces 2-a. Merchandise purchases budget: Hillyard Company Merchandise Purchases Budget January February March Quarter 240,000 Budgeted cost of goods sold $ 785,400 $ 358,200 $187,200 Add desired ending inventory 31,200 89,550t 46,800 Total needs 218,400 329,550 405,000 785,400 Less beginning inventory 60,000 46,800 $171,600 $ 785,400 89,550 Required purchases $ 269,550 $ 315,450 2-b. Schedule of expected cash disbursements for merchandise purchases: Hillyard Company Schedule of Expected Cash Disbursements for Merchandise Purchases Quarter March February January $ 89,625 $ 89,625 December purchases January purchases February purchases March purchases Total cash disbursements for purchases 269,550 134,775 134,775 0 0 $ 134,775 $ $359,175 224,400 3. Cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Hillyard Company Cash Budget Quarter March February January Beginning cash balance $ 55,000 292,000 Add cash collections 0 0 Total cash available 0 347,000 Less cash disbursements: Purchases of inventory 224,400 128,000 Selling and administrative expenses Purchases of equipment 45,000 Cash dividends 397,400 Total cash disbursements 0 (50,400) Excess (deficiency) of cash 0 0 0 Financing: Borrowings Repayments Interest Total financing 0 0 0 (50,400) S Ending cash balance $ 0$ 0 $ 0 4. Prepare an absorption costing income statement for the quarter ending March 31. Hillyard Company Income Statement For the Quarter Ended March 31 Sales Cost of goods sold: Purchases Beginning inventory 0 0 Selling and administrative expenses: Advertising Shipping Salaries and wages Other expenses 0 Net income $ 0 5. Prepare a balance sheet as of March 31 Hillyard Company Balance Sheet March 31 Assets Current assets: Cash Account receivable Inventory Total current assets Buildings and equipment, net Total assets $ 0 Liabilities and Stockholders' Equity Current liabilities: Account payable Stockholders' equity: Retained eanings Common stock