This is one big question. Please help and answer all parts. Thank you.

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31 Cash 6 8, 600 4 24, 400 46,200 118,800 27,675 150,000 20, 325 Accounts receivable Inventory Building and equipment, net Accounts payable Cosnon stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: Harch (actual) April Nay June July s 61,000 77,000 82,000 107,000 se,000 C. Sales are 60% for cash and 40% 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 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 of sales. Assume that these expenses are paid monthly. Depreciation is $891 per month (includes depreciation on new assets). f. Monthly expenses are as follows: commissions, 12% of sales, rent, $3.400 per month, other expenses (excluding depreciation, 6% g. Equipment costing $2.600 will be purchased for cash in April. h. 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 borrow in increments of $1,000 at the beginning of each month, up to a total oan balance of $20,000 The interest rate on these loans is 1% per month and or 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 Required: Using the preceding dato 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 Required Using the preceding data: 1. Complete the schedule of expected cash collections. e 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. Required 1 Required 2 Required 3 Required 4 Required S Complete the schedule of expected cash collections. Schedule of Expected Cash Collections April MayJune Quarter Cash sales Credit sales Total collections 46,200 24,400 70.600 Required 2 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget April May une Quarter Budgeted cost of goods sold Add desired ending merchandise inventory Total needs Less beginning merchandise inventory Required purchases Budgeted cost of goods sold for April-S77.000 sales x75%-$57,750 Add desired ending inventory for April = $61,500 x 80%-$49,200 57,750 61,500 49,200 06.950 46,200 Schedule of Expected Cash Disbursements-Merchandise Purchases AprilMay June Quarter March purchases April purchases May purchases June purchases Total disbursements 27.675 30,375 30.375 27,675 60,750 C Required 1 Required 3 > Required 1 qd 2Require 3 q Required 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget May June Quarter Beginning cash balance Add collections from customers Total cash available Less cash disbursements $ 8,600 70,600 79,200 58,050 17,260 2,600 77,910 1,290 For inventory For expenses For equipment Total cash dis bursements Excess (deficiency) of cash available over dis bursements Financing Borrowings Repayments interest Total financing Ending cash balance d Required 2 Required 3 Required 4 | | Required 5 Prepare an absorption costing income statemerne'for the quarter ended June 30 Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold Selling and administrative expenses Prepare a balance sheet as of June 30. Shilow Company Balance Sheet June 30 Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Stockholders equity Total liabilities and stockholders' equity 1 of 1