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3. Schedule of Expected Cash Disbursements - Merchandise Purchases - Beginning balance of the accounts payable 10 Marks 4. Complete the following schedule: Schedule of Expected Cash Disbursements Selling and Administrative Expenses 5. Complete the following cash budget: Financing Etc. Follow the format on page 445 of the textbook 10 Marks 6. Prepare an absorption costing income statement, similar to the one shown in Schedule 9, for the quarter ended March 31. 10 Marks 7. Prepare a balance sheet as of March 31. 10 Marks Assignment Grading Rubric (60\%) SCORING RUBRIC Assignment Tasks: 1. Complete a Schedule of Expected Cash Collections 2. Complete a Merchandise Purchasing Budget and a Schedule of Expected Cash Disbursementa-Merchandise Purchases 3. Complete a Schedule of Expected Cash Disbursements-Selling and Adminiatrative Expense: 4. Complete a cash budgot 5. Prepare an absorption costing income statement, eimliar to the one shown in Chapter 9, for the quarter ended March 31. 5. Prepare a balance sheet as of March 31 QUESTION 1 Comploting a Master Budget [L02] The following data relate to the operations of Lim Corporation, a wholesale dintributor of consumer goods: a. The gross margin is 30% of sales. (In other words, cost of poods sold is 70% of sales.) b. Actual and budgeted seles data are as follows: c. Sales are 40% for cash and 60% on credit. Credit seles are colected in the month following sale. The accounts receivable at Decomber 31 are the result of Docember credit sales. d. Each montb's ending inventory should equal 20% of the following monti's budgeted cost of goods sold. - One-quarter of a month's Inventary 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 (excluding 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. 9. Equipment will be acquired for casht $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 bark 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 interest is not compounded. The company would. as far as it is able, repay the loen plus accumulated intorest at the end of the quarter. Required: Using the data above: 1. Complete the following schedule: Schedule of Exoected Cash Collections 2. Complete the following: $70,000sales70%$49,000$80,00070%20%$11,200