The following data relates to the operations of Shilow Company, a wholesale distributor of consumer goods.

Current Assets as of March 31
	Cash	$8,000
	Accounts receivable	$12,000
	Inventory	$17,600
Building and equipment, net	$120,000
Accounts payable	$5,200
Capital stock	$150,000
Retained earnings	$2,400

a. The gross margin is 60% of sales

b. Actual and budgeted sales data:

March (actual)	$40,000
April	$55,000
May	$65,000
June	$70,000
July	$45,000

c. Sales are 70% for cash and 30% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.

d. Each months ending inventory should equal 80% of the following months budgeted cost of goods sold.

e. 75% of a months inventory purchases is paid for in the month of purchases; the others 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, 20% of sales; rent, $8,000 per month; other expenses (excluding depreciation), 15% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets).

g. Equipment costing $2,000 will be purchases for cash in April.

h. Management would like to maintain a minimum cash balance of at least $8,000 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 $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.

Instruction

1. Prepare the schedule of expected cash collections.
2. Prepare the schedule of expected cash disbursement from merchandise purchases.
3. Prepare cash budget.
4. Prepare an income statement for the quarter ended 6/30
5. Prepare a balance sheet as of 6/30 please give in excel format and with reasons I need it asap now in exam plz