Saved Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Budgeted Income Statements Sales Cost of goods sold Gross margin Selling and administrative expenses April $68,800 34,000 64,600 122,000 $ 289,400 $182,000 $ 96,500 70,000 122,900 $209,400 109,200 72,000 Hay $192,000 115,200 76,800 20,500 18,000 $ 54,000 $ 56,500 June $212,000 127,200 4,000 21,300 $ 61,500 Net operating Income Budgeting Assumptions: 6. 60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80% are collected in the month subsequent to the sale. b. Budgeted sales for July are $222.000. c. 10% of merchandise inventory purchases are paid in casifat the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts payable at March 2 be paid in April. d. Each month's ending merchandise inventory should equal $10.000 plus 50% of the next month's cost of goods sold: e. Depreciation expense is $1,300 per month. All other selling and administrative expenses are paid in full in the month the expense Incurred. Required: 1. Calculate the expected cash collections for Apr May, and June 2. Calculate the budgeted merchandise purchases for Adol, May and June 3. Calculate the expected cash cisbursements for merchandise purchases for April May and June 4. Prepare a budgeted balance sheet at June 30m (Hint You need to calculate the cash paid for seling and admitative expenses during April, May, and June to determine the cash bisance in your June 30th balance sheet >