PLS help meeeee :))))

[LO 10-4] 10-32 Retailer Budget D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of S April: Cash $ 5,500 Accounts receivable 437,000 Inventories 309,400 Accounts payable 133,055 The firm follows these guidelines in preparing its budgets: . Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross amounts and collects 60% of the billings within the discount period, 25% by the end of the month, and 9% by the end of the second month. The firm's experience suggests that 6% is likely to be uncollectible and is written off at the end of the third month. Purchases and expenses. All purchases and expenses are on open account. The firm pays its pay- ables over a 2-month period with 54% paid in the month of purchase. Each month's units of ending inventory should equal 130% of the next month's cost of sales. The cost of each unit of inventory is $20. Selling, general, and administrative (SG&A) expenses, of which $2,000 is depreciation, equal 15% of the current month's sales. Actual and projected sales follow: Month Dollars Units Month Dollars Units March $354,000 11,800 11,400 April 363,000 June 12, 100 $342,000 May 357,000 July 12,000 11,900 360,000 August 366,000 12,200 Required 1. Prepare schedules showing budgeted merchandise purchases for May and June. 2. Prepare a schedule showing budgeted cash disbursements during June. 3. Prepare a schedule showing budgeted cash collections during May. 4. Determine gross and net balances of accounts receivable on May 31