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You are appointed as an accountant by Al Busaiteen Sales, Inc. that sells garden supplies. Management is planning its cash needs for the second quarter. The company usually must borrow money during this quarter to support peak sales of lawn care equipment, which occur during May The head of department asked you to prepare a cash budget for the quarter. To this end, you have worked with accounting and other areas to gather the information assembled below Budgeted monthly absorption costing income statements for April-July is Sales Cost of roods sold Grossman April $540,000 $378,000 5162.000 May 5810,000 5567.000 $249.000 Junc $450,000 $315.000 S125.000 July $360,000 $250.000 $108.000 580,500 $129,950 $65,783 $77,760 Total selling and administrative expenses Net operating income 581 500 $113,050 $69,213 530.210 You have gathered the following additional information: 1. All sales are on credit. Only 10% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 2016 is collected in the second month following sale. February's sales totaled $180,000, and March's sales totaled $270,000 2. 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following mooth Accounts payable at March Jl for ventory purchases during March total $126,000, 1. Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 1 $14.400 4. Dividende of $40,000 will be declared and paid in April Land costing S16,000 will be purchased for cash in May 6. Selling and administrative expense includes $20,000 of depreciation each month 7. The cash balance March 31 is $32,000, the company must maintain a cash balance of at least 550,000 at the end of each month. All borrowing is done at the beginning of a month any repayments are made at the end of the quarter &. The company has an agreement with a local bank that allows the company to borrow any amount at the beginning of each month, at interest rate 1'i per month Us Required: 1. Prepare a schedule of expected cash collections for April, May, and June, and for the quarter in total [3 marks) 2. Prepare a merchandise purchases budget for April, May, and June 13 marks) 3. Prepare a schedule of expected cash disbursements for merchandise purchases for April, May, and June, and for the quarter in total [3 mars] 4. Prepare a cash budget for April, May, and June as well as in total for the quarter (6 marks) For the toolbar, press ALT F10 (PC) or ALT+FN+F10(Mac). BI VS Paragraph Arial 14px T !!! ili A