veacon company is a merchandising company that is preparing a duaget for the three-month penoa endea june suin ne tollowing Information is available Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Connon stock Retained earnings Total liabilities and stockholders' equity $ 71,400 38,000 56,000 121,000 $ 287,200 $ 79,380 7e, eee 137.900 $ 237,200 Budgeted Income Statements April Sales $156,000 Cost of goods sold 93,500 Gross margin 62,400 selling and administrative expenses_33,699 Net operating income $ 29,400 Hay $166,000 99,500 66,400 24,5 $.41,900 June $186,000 111,600 74,400 27,50 $ 46,900 Budgeting Assumptions a. 60% of sales are cash sales and 40% of sales are credit sales Twenty percent of all credit sales are collected in the month of the and the remaining 80% are collected in the month subsequent to the sale. b. Budgeted sales for July are $196,000 c. 10 of merchandise inventory purchases are paid in coth at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts payable at March 31 will be paid in April d. Each month's ending merchandise inventory should equal $10.000 plus 50% of the next month's cost of goods sold Depreciation expenses $1,550 per month. All other veling and administrative expenses are paid in full in the month the expenses incurred Required: 1 calculate the expected cash collections for April May, and June 2 Calculate the budgeted merchandise purchases for April May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April May, and June 4 Prepare a budgeted balance sheet at June 30th (Hint: You need to calculate the cash paid for selling and administrative expenses during Apni, May, and June to determine the cash balance in your June 30th balonce sheet Complete this question by entering your answers in the tabs below. Required Required 2 Required Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash pald during April, May, and June to determine the cash balance in your June 30th 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 collections for April, May, and June. April May June Quarter Total cash collections Frequired Required 2 > Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th (Hint: You need to calculate the cash paid for selling and administ during April, May, and June to determine the cash balance in your June 30th 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 June Total Budgeted merchandise purchases Required: 1. Calculate the expected cash collections for April, May, and June 2. Calculate the budgeted merchandise purchases for Apr May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June 4. Prepare a budgeted balance sheet at June 30th (Hint: You need to calculate the cash paid for selling and administrative expenses during Apni, May, and June to determine the cash balance in your June 30th balance sheet) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required to Calculate the expected cash disbursements for merchandise purchases for April, May, and June. Apirit May June Budgeted cash disbursements for merchandise purchases Quarter Required: 1. Calculate the expected cash collections for April May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administ during April, May, and June to determine the cash balance in your June 30th balance sheet.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 es Prepare a budgeted balance sheet at June 30th. (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 30th balance sheet.) Deacon Company Balance Sheet June 30 Assets Total assets $ 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equily