Thanks for the help! :)

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 7,266 Accounts receivable $ 18,866 Inventory $ 37,866 Building and equipment, net $ 123,666 Accounts payable $ 22,425 Common stock $ 156,666 Retained earnings $ 14,975 ' a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) $ 47,666 April $ 63,666 May $ 68,666 June $ 93,666 July $ 44,999 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. Onehalf ofa 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 ofinventory. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,000 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $927 per month (includes depreciation on new assets). 9. Equipment costing $1,200 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 H Required 5 Complete the schedule of expected cash collections. ---- --- l-a $ Required 2 > 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. Budgeted cost of goods sold $ 47 250 $51,000 Add desired ending merchandise inventory 40,800 Total needs 88,050 51,000 Less beginning merchandise inventory 37,800 Required purchases $ 50,250 $51,000 Budgeted cost of goods sold for April 2 $63,000 sales X 75% = $47,250. Add desired ending inventory for April = $51,000 x 80% = $40,800. March purchases $ 22,425 April purchases 25,125 25,125 May purchases June purchases Total disbursements $ 47,550 $25,125 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the cash budget. (Cash deciency, repayments and interest should be indicated by a minus sign.) Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deciency) of cash available over disbursements Financing: Borrowings Repayments Interest Total nancing Ending cash balance 0 $ 0 $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a balance sheet as of June 30. Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Stockholders' equity: Total liabilities and stockholders' equity