The balance sheet of Phototec, Inc., a distributor of photographic supplies, as of May 31 is given below:

Phototec, Inc. Balance Sheet May 31
Assets
Cash	$	10,950
Accounts receivable		73,000
Inventory		36,500
Buildings and equipment, net of depreciation		609,550
Total assets	$	730,000
Liabilities and Stockholders' Equity
Accounts payable	$	87,600
Note payable		16,060
Capital stock		538,740
Retained earnings		87,600
Total liabilities and stockholders' equity	$	730,000

The company is in the process of preparing a budget for June and has assembled the following data:

a.	Sales are budgeted at $262,000 for June. Of these sales, $60,000 will be for cash; the remainder will be credit sales. One-half of a months credit sales are collected in the month the sales are made, and the remainder is collected the following month. All of the May 31 accounts receivable will be collected in June.
b.	Purchases of inventory are expected to total $197,000 during June. These purchases will all be on account. Forty percent of all inventory purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June.
c.	The June 30 inventory balance is budgeted at $39,000.
d.	Selling and administrative expenses for June are budgeted at $31,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month.
e.	The note payable on the May 31 balance sheet will be paid during June. The companys interest expense for June (on all borrowing) will be $500, which will be paid in cash.
f.	New warehouse equipment costing $9,000 will be purchased for cash during June.
g.	During June, the company will borrow $23,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.

Required:
1a.	Prepare schedule of expected cash collections from sales and a schedule of expected cash disbursements for inventory purchases.(Omit the "$" sign in your response.)

Schedule of Expected Cash Collections
Cash sales-June	$
Collections on accounts receivable:
May 31 balance
June
Total cash receipts	$

Schedule of Expected Cash Disbursements
May 31 accounts payable balance	$
June purchases
Total cash payments	$

1b.	Prepare a cash budget for June.(Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign. Omit the "$" sign in your response.)

Phototec, Inc. Cash Budget For the Month of June
Cash balance, beginning	$
Add receipts from customers
Total cash available
Less disbursements:
Purchase of inventory
Selling and administrative expenses
Purchases of equipment
Total cash disbursements
Excess of receipts over disbursements
Financing:
Borrowings-note
Repayments-note
Interest
Total financing
Cash balance, ending	$

2.	Prepare a budgeted income statement for June.(Input all amounts as positive values. Omit the "$" sign in your response.)

Phototec, Inc. Budgeted Income Statement For the Month of June
(Click to select)Ending inventoryBeginning inventoryPurchasesSalesCost of goods sold		$
Cost of goods sold:
(Click to select)Beginning inventorySalesInterest expenseCost of goods soldEnding inventory	$
(Click to select)SalesInterest expensePurchasesEnding inventoryCost of goods sold
(Click to select)Goods available for saleCost of goods soldEnding inventoryBeginning inventoryPurchases
(Click to select)Ending inventoryGoods available for saleCost of goods soldBeginning inventoryPurchases
(Click to select)Interest expenseBeginning inventoryPurchasesEnding inventoryCost of goods sold
(Click to select)Beginning inventoryNet income (loss)Ending inventoryGross marginNet operating income (loss)
(Click to select)Selling and administrative expensesEnding inventoryInterest expenseCost of goods soldSales
(Click to select)PurchasesGross marginEnding inventoryNet operating income (loss)Net income (loss)
(Click to select)PurchasesBeginning inventoryInterest expenseCost of goods soldEnding inventory
(Click to select)Ending inventoryNet income (loss)Net operating income (loss)Gross marginBeginning inventory		$

3.	Prepare a budgeted balance sheet as of June 30.(Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)

Phototec, Inc. Budgeted Balance Sheet June 30
Assets
(Click to select)Note payableInventoryCapital stockCashAccounts payable	$
(Click to select)Buildings and equipment, net of depreciationAccounts receivableCapital stockRetained earningsNote payable
(Click to select)InventoryCapital stockAccounts receivableRetained earningsCash
(Click to select)Capital stockRetained earningsNote payableAccounts receivableBuildings and equipment, net of depreciation
Total assets	$
Liabilities and Stockholders' Equity
(Click to select)Capital stockNote payableInventoryAccounts payableAccounts receivable	$
(Click to select)Accounts receivableRetained earningsInventoryCashNote payable
(Click to select)Capital stockRetained earningsAccounts receivableBuildings and equipment, net of depreciationInventory
(Click to select)Accounts payableAccounts receivableRetained earningsInventoryCash
Total liabilities and equity	$

PLEASE SHOW CALCULATIONS FOR ANYTHING THAT NEEDED TO BE CALCULATED> I WILL NOT EXCEPT INCOMPLETE WORK!

THANK YOU!