The following data relate to the operations of Hilton Company, a wholesale distributor of consumer goods: Current assets as of June 30: Cash S 16.000 Accounts Receivable $ 40.000 Inventory S 72.000 Building and equipment, net $ 240.000 Accounts Payable S 43.500 Capital Stock $ 300.000 Retained Earnings $ 24.500 a. The Gross Margin is 25% of sales b. Actual and budgeted sales data (sales budget) June (actual) S 100.000 July $ 120.000 August $ 144.000 September S 180.000 October $ 96.000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The account receivable at June 30 are a result of March credit sales d. Each month ending inventory should equal 80% of the following month's budgeted cost of goods sold e. A half of a month's inventory purchases is paid for in the month of purchases; the other half is paid for in the following month. The accounts payable at June 30 are the result of June purchases of inventory f. Monthly expenses are as follows commissions 12% of sales; rent $ 5.000 per month; other expenses (excluding depreciation) 6% of sales. Assume that these expenses are paid monthly. Depreciation is $ 1.800 per month (includes depreciation on new assets) g. Equipment costing $3.000 will be purchased for cash in July h. Management would like to maintain a minimum cash balance at least S 8.000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow an increments of S 2.000 at the beginning of each month, up to a total loan balance of $ 40.000. 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 quarter. Required: 1. Schedule of Expected cash collections 2. Merchandise Purchase Budget and Schedule of Expected Cash Disbursement - Merchandise Purchase 3. Schedule of Expected Cash Disbursement - Selling and Administrative expenses 4. Cash Budget 5. Prepare an absorption costing income statement, similar to the one shown in schedule 9 (page 507) for the quarter end September, 30. 6. Prepare a balance sheet as of Sentember 30