Problem 8-27 Cash Collections; Cash Disbursements; Budgeted Balance Sheet [LO8-2, LO8-3, LO8-4, LO8.10] Deacon Companyis a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is avallable. Budgeting Assumpeions a. 60% of saies ore cosh saies and 40% of soles are credit cales. Twenty percent of all creat sales are collected in the month of sale and the remaining 80% are collected in the month subsequent to the sale. b. Budgeted tales for July are $212.000. c. 10s of merchandite imentary purchuses are paid in cash at the time or the purchose. The remaining 90 of of purchases are crecit purchates, All purchases on crect are paid in the month subsequent to the purchase The accounts payable at March 31 will be paid in Apot d. Eoch month's ending merchandice invempry should equal 510.000 plus 505 of the next month's cost of goods sold. e Depreciation expense is $1,950 per month All other selling and odmenistrative expenses are pald in full in the monith the expense is. ticurred Required: 1. Calculote the expetted cath collections for Aprit, May, and June. 2. Calculote the bucighted merchandise purchases for Aprit, Moy, and June. 3. Colculate the expected corh disbursements for merchandise purchases for Apri, May, and June 4. Prepare a budgeted bolance sheet at June 3oeh gilint You need to calcilate the cash paid for selling and adminkitratwe experises duning Aprit, May, and June to determine the cash balance in your June 30 en bolance theech