The following data relate to the operations of the Company, a wholesale distributor of consumer goods Current assets as of June 30 Cash $ 16.000 Accounts Receivable 500.000 Inventory 5 72.000 Building and equipment, net $240.000 Accounts Payable 54500 Capital Stock $300.000 Retained Barnings $24.500 The Gross Margin is 23% of sales b. Actual and budgeted sales data (sales June (actual $100.000 $ 130.000 August $ 144.000 September $ 180.000 October $ 4.000 c. Sales are 60% for cash and 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 equals of the following month's budgeted cost of goods sold 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 accents payable at June 30 are the result of June purchases of inventy Monthly expenses are as follow.com 12% of sales rent $ 5.000 per month other expenses (excluding depreciation of sales. Assume that these expenses are paid monthly. Depreciation is $ 1.800 per month (includes depreciation on new assets) & Equipment costing $3,000 will be purchased for cash in July h. Management would like to maintain a minimum cash balance at least 58.000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow an increments of 2.000 he beginning of each month up to a total balance of $ 40.000. The interest rate on these kans is 15 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 - Scling 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 quarto end September 30 6. Prepare a balance sheet as of September 30