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The following data relate to the operations of Dillinger Company, a wholesale distributor of consumer goods: Current assets as of March 31: 25,000 Cash $ 23,400 Accounts receivable $ Inventory $ 11, 220,000 Buildings and equipment (net) $ 44,500 Accounts payable $ 48,000 Capital stock 187,800 Retained earnings $ $ a. Gross margin is 30% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 78,000 $ 85,000 $ 105,000 $ 118,000 $ 60,000 C. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are the result of March credit sales. Each month's ending inventory should equal 20% of the following month's budgeted d. cost of goods sold. e. 25% of a month's inventory purchases is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. f. Monthly expenses are as follows: salaries and wages, $20,500; rent, $4,400 per month; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $2,000 per month (includes depreciation on new assets). g. Equipment costing $13,000 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $6,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth). Required: Using the above data: 1. Complete the following schedule: Dillinger Company Required: Using the above data: 1. Complete the following schedule: Dillinger Company Schedule of Expected Cash Collections April May June Quarter - Total $ 59,500 $ 73,500 $ 82,600 $ 215,600 Cash sales Credit sales Total collections $ 59,500 $ 73,500 $ 82,600 $ 215,600 2. Complete the following: June Quarter - Total Budgeted cost of goods sold Add: desired ending inventory Total needs Less: beginning inventory Required purchases Dillinger Company Merchandise Purchases Budget April May $ 59,500 14,700 74.200 11,900 62,300 GA Dillinger Company Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter - Total March purchases $ 44,500 $ 44,500 April purchases 15,575 46,725 62.300 May purchases June purchases Total disbursements $ 60,075 3. Complete the following schedule: Dillinger Company Schedule of Expected Cash Disbursements-Selling and Administrative Expenses April May June Quarter - Total Salaries and wages $ 20,500 Rent 4,400 Other expenses 6,800 Total disbursements $ 31,700 4. Complete the following cash budget: (Cash deficiency, repayments and interest should be indicated by a minus sign.) June Quarter - Total Dillinger Company Cash budget April May 25,000 82.900 107,900 $ Cash balance, beginning Add cash collections Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash Financing Borrowings Repayments Interest Total financing Cash balance, ending 60,075 31,700 13,000 104,775 3,125 6. Prepare a balance sheet as of June 30. Dillinger Company Balance Sheet June 30 Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total liabilities and equity 5. Prepare an absorption costing income statement for the quarter ended June 30. Dillinger Company Income Statement For the Quarter Ended June 30 Cost of goods sold: Selling and administrative expenses