The following dala relate to the operations of Stilow Company, a wholesale distributor of consumer goous: $ $ $ Current Assets AS of March 31: Cash Accounts receivable Inventory Ruilding and guipment, net Accounts payable Cornon stock Retained earnings 7,302 19,202 38,482 174,882 22,902 150.000 16,902 $ $ $ a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April $ 48.939 $ 64,900 $ 69, en $ 94,we $ 45,080 June July c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts recevable 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. c. One-half of a 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 of inventory f. Monthly expenses are as follows: commissions, 12% of sales, rent, $2,100 per month other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $9.36 per month (Includes depreciation on new assets). g. Equipment costing $1,300 will be purchased for cash in April. h. Management would like to maintain a minimum cast balance of al leasl $4,000 al 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 sheel as of June 30