The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods: Current assets as of December 31: Cash $ 5,400 Accounts receivable $ 41,880 Inventory $ 10,640 Buildings and equipment, net $ 120,100 Accounts payable $ 32,510 Capital stock $ 100,000 Retained earnings $ 45,510 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) $69,800 January $76,000 February $80,100 March $93,000 April $56,700 c. Sales are 40% for cash and 60% on credit. Credit sales are collected in the month following sale. The accounts receivable at December 31 are the result of December credit sales. d. Each months ending inventory should equal 20% of the following months budgeted cost of goods sold. e. One-quarter of a months inventory purchases is paid for in the month of purchase; the other three-quarters is paid for in the following month. The accounts payable at December 31 are the result of December purchases of inventory. f. Monthly expenses are as follows: commissions, $16,000; rent, $1,600; other expenses (excluding depreciation), 8% of sales. Assume that these expenses are paid monthly. Depreciation is $950 for the quarter and includes depreciation on new assets acquired during the quarter. g. Equipment will be acquired for cash: $4,100 in January and $8,340 in February. h. Management would like to maintain a minimum cash balance of $5,000 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 $50,000. 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. 1. Complete schedule of cash collections for Jan Feb March and quarter 2. Complete Merchandise Purchase budget for Jan Feb March and Quarter Budgeted cost of goods sold for January = $76,000 sales 70% = $53,200. Add desired ending inventory for January = $80,100 70% 20% = $11,214 Schedule of Expected cash disbursements -Merchandise Purchases December Jan Feb March Quarter Jan Feb March Total 3. Complete the following schedule: Schedule of expected cash disbursements- selling and administrative 4. Complete the following Cash Budget for Jan Feb Mar and Quarter 5. prepare an Absorption Costing statement for the quarter ended March 31 showing all totals 6. Prepare balance sheet as of March 31 showing all totals