Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget. 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Quarter Schedule of Expected Cash Collections April May June Cash sales $ 40,800 Credit sales 20,800 Total collections $ 61,600 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. May Merchandise Purchases Budget April June Quarter Budgeted cost of goods sold $ 51,000 $54,750 Add desired ending merchandise inventory 43,800 Total needs 94,800 Less beginning merchandise inventory 40,800 Required purchases $ 54,000 Budgeted cost of goods sold for April = $68,000 sales 75% = $51,000. Add desired ending inventory for April = $54,750 ~ 80% = 543,800 Schedule of Expected Cash DisbursementsMerchandise Purchases April May June Quarter March purchases $ 24,300 $ 24,300 April purchases 27,000 27,000 54,000 May purchases June purchases Total disbursements Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) June Quarter Shilow Company Cash Budget April May $ 7,700 61,600 69,300 Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance 51,300 14,740 1,700 67,740 1,560 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 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: Complete this question by entering your answers in the tabs below. Required 1 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