Requirement 4 and 5 are not complete, please complete what is missing

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,000 $ 20,000 $ 36,000 $ 120,000 $ 21,750 $ 150,000 $ 12,250 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 50,000 $ 60,000 $ 72,000 $ 90,000 $ 48,000 C. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets). g. Equipment costing $1,500 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. 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. Answer is not complete. 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 Sales 222,000 Cost of goods sold: Beginning inventory $ 36,000 Purchases 159,300 Goods available for sale 195,300 28,800 166,500 55,500 Ending inventory Gross margin Selling and administrative expenses: Commissions 26,640 Rent 7,500 Depreciation 2,700 Other expenses 13,320 50,160 Net operating income 5,340 Interest expense 230 Net income 5,110 X Answer is not complete. 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: Cash $ 4,910 Accounts receivable 36,000 Inventory 28,800 Total current assets 69,710 118,800 Total assets $ 188,510 Liabilities and Stockholders' Equity Accounts payable $ 21,150 Stockholders' equity: Common stock $ 150,000 17,360 Retained earnings 167,360 $ 188,510 Total liabilities and stockholders' equity