repare an absorption costing income statement for the quarter ending March 31. Complete this question by entering your answers in the tabs below. Complete the schedule of expected cash disbursements for merchandise purchases. Complete this question by entering your answers in the tabs below. Complete the merchandise purchases budget: omplete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus Prepare a balance sheet as of March 31 . Hillyord Compony, an office supplies specialty store, prepares its master budget on a quarterly bosis. The following dats have been ossembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the compony's general ledger showed the following account bolances: b. Actusl sales for December and budgeted sales for the next four months are as follows: c. Sales are 20% for cosh and 80% on credit. All poyments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The compeny'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, $29,000 per month: sovertising, $67,000 per month; shipping, 5% of sales; other expenses, 3% of soles. Deprecistion, including deprecistion on new sssets scquired during the quarter, will be $44,340 for the quorter. 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 purchsses is poid for in the month of purchase; the other half is poid in the following month. h. During Februory, the compony will purchase o new copy machine for $2,400 cash. During March, other equipment will be purchssed for cash at a cost of $77,000. 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 compsny to borrow in increments of $1,000 at the beginning of each month. The interest rote on these loons is 1% per month and for simplicity we will assume that interest is not compounded. The company would, os far as it is able, repay the loon plus sccumulated interest at the end of the quarter. Required: Using the dots above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cosh collections: 2-. Merchandise purchoses budget: 2-b. Schedule of expected cosh disbursements for merchandise purchases: 3. Cosh budget: 4. Prepore an absorption costing income statement for the quarter ending March 31. 5. Prepare o balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Complete the Schedule of expected cash collections: repare an absorption costing income statement for the quarter ending March 31. Complete this question by entering your answers in the tabs below. Complete the schedule of expected cash disbursements for merchandise purchases. Complete this question by entering your answers in the tabs below. Complete the merchandise purchases budget: omplete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus Prepare a balance sheet as of March 31 . Hillyord Compony, an office supplies specialty store, prepares its master budget on a quarterly bosis. The following dats have been ossembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the compony's general ledger showed the following account bolances: b. Actusl sales for December and budgeted sales for the next four months are as follows: c. Sales are 20% for cosh and 80% on credit. All poyments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The compeny'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, $29,000 per month: sovertising, $67,000 per month; shipping, 5% of sales; other expenses, 3% of soles. Deprecistion, including deprecistion on new sssets scquired during the quarter, will be $44,340 for the quorter. 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 purchsses is poid for in the month of purchase; the other half is poid in the following month. h. During Februory, the compony will purchase o new copy machine for $2,400 cash. During March, other equipment will be purchssed for cash at a cost of $77,000. 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 compsny to borrow in increments of $1,000 at the beginning of each month. The interest rote on these loons is 1% per month and for simplicity we will assume that interest is not compounded. The company would, os far as it is able, repay the loon plus sccumulated interest at the end of the quarter. Required: Using the dots above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cosh collections: 2-. Merchandise purchoses budget: 2-b. Schedule of expected cosh disbursements for merchandise purchases: 3. Cosh budget: 4. Prepore an absorption costing income statement for the quarter ending March 31. 5. Prepare o balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Complete the Schedule of expected cash collections