The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: a. The gross margin is 25% of sales b. Actual and budgeted sales data c Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts recelvable at Marcl 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 accounts payable at March 31 are the result paid for in the month of purchase; the other half is paid for in the following month. The 1. Monthly expenses are as follows commissions, 12% purchases of inventory. of sales Assume that these expenses are paid monthly Deptent, $2,500 per month; other expenses (excluding depreciation), 6% 3. Equipment costing $1,700 will be purchased for cash in April. agreement with a local bank that allows a the compamin balance of at least $4,000 at the end of each month. The company has an total loan balance of $20,000. The interest rate on these borrow in increments of $1,000 at the beginning of each month, up to a compounded The company would, as fat as it is able, repay the loar per month and for simplicity we will assume that interest is not Required: Using the preceding data 1 Complete the schedule of expected cash collections 2 Complete the mecthandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3 Complete the cash budget 4. Prepure on absorption costing income statement for the quarter ended June 30 Complete this question by entering your answers in the tabs below. Cimu Eie the schadule of expected cash collections. Complete the merchandise purchases budget and the schedule of expected cash dichurcama.ts for mercl Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign. Prepare an absorption costing income statement for the quarter ended June 30 . Prepare a balance sheet as of Jine 10 The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: a. The gross margin is 25% of sales b. Actual and budgeted sales data c Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts recelvable at Marcl 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 accounts payable at March 31 are the result paid for in the month of purchase; the other half is paid for in the following month. The 1. Monthly expenses are as follows commissions, 12% purchases of inventory. of sales Assume that these expenses are paid monthly Deptent, $2,500 per month; other expenses (excluding depreciation), 6% 3. Equipment costing $1,700 will be purchased for cash in April. agreement with a local bank that allows a the compamin balance of at least $4,000 at the end of each month. The company has an total loan balance of $20,000. The interest rate on these borrow in increments of $1,000 at the beginning of each month, up to a compounded The company would, as fat as it is able, repay the loar per month and for simplicity we will assume that interest is not Required: Using the preceding data 1 Complete the schedule of expected cash collections 2 Complete the mecthandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3 Complete the cash budget 4. Prepure on absorption costing income statement for the quarter ended June 30 Complete this question by entering your answers in the tabs below. Cimu Eie the schadule of expected cash collections. Complete the merchandise purchases budget and the schedule of expected cash dichurcama.ts for mercl Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign. Prepare an absorption costing income statement for the quarter ended June 30 . Prepare a balance sheet as of Jine 10