Required 1Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Schedule of Expected Cash Collections May April June Quarter Cash sales Credit sales Total collections $ 39,600 20,000 $59,600$ Required 2> Required 1Required 2 Required 3 Required 4 Required5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget AprilMay $ 49,500$53,250 June Quarter Budgeted cost of goods sold Add desired ending merchandise inventory Total needs Less beginning merchandise inventory Required purchases Budgeted cost of goods sold for April = $66,000 sales 75% = $49.500 Add desired ending inventory for April $53,250 80% $42,600 42,600 92,100 53,250 39,600 0 S $52,500 $53,250$ Schedule of Expected Cash Disbursements-Merchandise Purchases ApriMay $23,550 June Quarter March purchases April purchases May purchases June purchases Total disbursements S 23,550 26,250 26,250 52,500 0 S 76,050 $49,800 $26,250$ Required Required 2Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget May June Quarter April Beginning cash balance Add collections from customers Total cash available Less cash disbursements: $ 7,500 59,600 67,100 For inventory 49,800 14,180 1,500 65,480 1,620 For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing S 1,620 Ending cash balance Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Required5 Prepare an absorption costing income statement for the quarter ended June 30 Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold Selling and administrative expenses: Required 3 Required 5> Required Required 2 Required 3 Required 4 Required 5 Prepare a balance sheet as of June 30 Shilow Company Balance Sheet June 30 Assets Current assets Total current assets Total assets Liabilities and Stockholders' Equity Stockholders' equity: Total liabilities and stockholders' equity Required 4