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Problem 9-17 Schedules of Expected Cash Collections and Disbursements; Balance Sheet (LO2) Deacon Company is a merchandising company that is preparing a budget for the second quarter of the calendar year. The following information is available. 20 DEACON COMPANY Balance Sheet March 31 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total liabilities and shareholders equity $ 56,000 29,800 30,000 94,000 $ 299,000 $ 60,000 78,000 71,080 $ 209,000 ho Budgeted Income Statements Sales Cost of goods sold Gross margin Selling and administrative expenses April $ 100,000 51,000 49,000 20,000 May $ 120,000 56,000 64,000 19,000 June $ 135,000 78.000 57,600 20,000 Next M ses To Apli, Midy, and 3. Calculate the expected cash disbursements for merchandise purchases for April May, and June 4. Prepare a budgeted balance sheet at June 30. (Hint You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the budgeted merchandise purchases for April, May, and June. April May Quarter Budgeted merchandise purchases $ 129,000 June ouring Apni, May, and June to determine the cash balance in your June 30 balance sheet) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the expected cash disbursements for merchandise purchases for April, May, and June. April June Budgeted cash disbursements for merchandise purchases