The folowing data relate to the operations of Shilow Company. a wholesale distributor of consumer goods: 3. The gross margin 1525% of sales. b. Actual and budgeted sales data: c. Sales are 60% for cash and 40% on credit Credit sales are colfected in the month following sale. The accounts receivable at March 31 are a resuit of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold e One half of a month's inventory purchases is paid for in the month of purchase, the other half 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, 12% of sales, rent, $4,000 per month, other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $783 per month (includes depreciation on new assets). 9. Equipment costing $3,200 will be purchased for cash in Apal n. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month The company has an agreement with a local bank that allows the company to borrowin 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 the per month and for simplicity we will assume that interest is not compotinded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the preceding data. 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget. 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below. Complete the schedule of expected cash collections. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. mplete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus Prepare an absorption costing income statement for the quarter ended June 30 . Prepare a balance sheet as of June 30