Sunny and IClear, Inc. is a small wholesale distributor of consumer goods. The company generates a gross margin shown in the blue table. The percent of cash sales is shown in the blue table; the remainder is sold on account and is collected one month later. Accounts receivable on June 30, 21320 are the result ofJune credit sales. Actual and budgeted sales for the period were as follows: meta-man woo lam ass... Emma WWW $, Inventory purchases paid in cash $43,000 mam The company plans for each month's ending inventory to be the blue table percentage of the following month's budgeted cost of goods sold. Inventory cash purchases are shown in the blue table; the rest is paid for in the following month. The accounts payable on June 30 are the result ofJune purchases of inventory. All monthly expenses were paid monthly. Monthly expenses included: commissions, $9,000; rent, 51,200; other expenses {excluding depreciation}, are reected in the blue able as a percent of sales. Depreciation is $1,300 for the quarter and includes depreciation on new assets acquired during the quarter. The assets acquired for cash during the quarter included equipment of $2,113!) in July and $3,000 in August. The company wishes to maintain a minimum cash balance of $3,000 at the end of each month. The company has a financing facility that allows the company to borrowI in increments of $1.00!) at the beginning of each month from a local bank, up to a total loan balance of $30,000. The interest rate on these loans is 1.5% per month, and interest is not compounded. The company, when able, repays the loan plus accumulated interest at the end ofthe quarter. Additional information: Required: Using the data above, for quarter ending September 2021), prepare the following on the "Budget Schedules" tab: a. The schedule of the expected cash collections b. The merchandise purchases budget: c. The schedule of expected cash disbursements merchandise purchases. :1. schedule of expected cash disbursement Selling and administrative expenses e. The cash budget: f. An absorption costing income statement, for the quarter ending September 2023 g. A balance sheet as of September 30, 2020 Schedule of Expected Cash Collections Absorbtion Costing Income Statemen For the Quarter Ended September 30, 2020 July August September Total Sales Revenue $ 52,000 $ 56,000 $ 60,000 $ 168,000 Sales Revenue Cash Collections Cost of Goods Sold In the month of sale $ 13,520 $ 14,560 $ 36,000 64,080 Gross Margin In the 1st month after sale 29,250 $ 38,480 $ 41,440 $ 109,170 Selling and Administrative Expenses Expected Cash Collections 42,770 $ 53,040 $ 77,440 $ 173,250 Sales Commission Rent Merchandise Purchase Budget Other Expenses Depreciation July August September Total Total S&A Expenses Sales Revenue $ 52,000 $ 56,000 $ 60,000 $ 168,000 Interest Expense Gross Profit 11,960 $ 12,880 $ 13,800 38,640 Cost of Goods Sold 40,040 $ 43,120 $ 46,200 $ 129,360 Net Loss Ending Inventory $ 15,092 $ 16,170 $ 12,936 $ 12,936 Cost of Material Needs $ 55,132 $ 59,290 $ 59,136 $ 142,296 G Sunny and Clear, Inc. Beginning Inventory 14,014 $ 15,092 16,170 $ 14,014 Balance Sheet Cost of Material Purchases 41,118 $ 44,198 $ 42,966 $ 128,282 September 30, 2020 Schedule of Expected Cash Disbursents - Merchandise Purchases Assets Cash July August September Total Accounts Receivable Cost of Material Purchases 41,118 $ 44,198 $ 42,966 $ 128,282 Inventory Cash Purchases Equipment Current Month 19,737 $ 21,215 $ 20,624 61,576 Total Assets Previous Month 22,400 $ 21,381 $ 22,983 $ 66,764 Expected Cash Disbursents - Merchandise Purchases $ 42,137 $ 42,596 $ 43,607 $ 128,340 Liabilities Accounts Payable Schedule of Expected Cash Disbursents - Selling and Administrative Expenses Borrowings July August September Total Stockholder's Equity Commission $ 9,000 $ 9,000 $ 9,000 $ 27,000 Capital Stock Rent 1,200 $ 1,200 $ 1,200 3,600 Retained Earnings Other Expenses 4,160 $ 4,480 $ 4,800 $ 13,440 Total Stockholder's Equity Expected Cash Disbursents - Selling and Admin. 14,360 $ 14,680 $ 15,000 $ 44,040 Total Liabilities and Stockholder's Equity Cash Budget July August September Total Opening Balance Expected Cash Collections Total Cash Available Expected Cash Disbursents - Merchandise Expected Cash Disbursents - S&A Equipment Cash Disbursents Excess/Deficiency Financing Borrowing Repayment Interest Ending Cash Balance