The following bata relate to the operouons or snow company, a wote OULOTO Consumer googs. Current assets as of March 31 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Connon stock Metained entning 5 7,100 $ 18,400 $ 37,200 $ 122,400 22.050 $ 150,000 $ 13,050 . The gross margin is 25% of sales. b. Actual and budgeted sales data: Mareh (actual) April May June $ 46,000 $ 62,000 $69.000 $ 92,000 4).000 July 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 equalBox of the following months budgeted cost of goods sold e. One-half of a month's inventory purchases is paid for in the month of purchase, the other half a paid for the following month. The accounts payable at March 31 are the result of March purchases of inventory Monthly expenses are as follows commissions, 12% of sales tent. $1.500 per month other expenses excluding depreciation, 6% of sales. Assume that these expenses are paid monthly Depreciations $910 per month includes depreciation on new assets) g. Equipment costing $100 will be purchased for cash in April h Management would like to maintain a minimum cash balance of at least $4.000 the end of each month. The company has an agreement with a local bank that allows the company to borrow is increments of $1000 t the beginning of each month up to a total loan balance of $20,000. The interest rate on these loans per month and torty w Wassume that interest is not compounded. The company would, as far as table, repay the loan plus accused Wrest at the agd of the quarter 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 Required 5 Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: + Total current assets 0 Total assets $ 0 Liabilities and Stockholders' Equity Stockholders' equity