who wholesale dyrtor of the following die balance of December 2009 Games AR Net Comes The com os of Adulte w SMODO SHALOGE SMO SON 0 STOC To creditori e collected as the month sedimento should be 29 of the following month's your wed for in the month of purch Orismo te 510.000 rent 56.000 de direction of the Depreciation is $3.2005 red during the quarter for in any and $6.000 in March Mewtom cash balance 56.000 the boat and they do not any con goth. The company will surasitis domo the following for the first three months of 202 Ses Collection and talent Some for the Sisteme pense 11. 2000 o to when the De 5.000 SO $10.00 SI 000 SIN 200 $10.200 $130.000 $45.000 $1200 S000 ses 0 000 in the towing the sale But of poods SONG the remaining Ortho Mens 32.000the 1.200 for the quand ge OSLO in March we 6.000 doleach Anthede come All borrowing We got more. The com tanding more hefort 2007 Marts SCO werden Cat Solar con 2020 1,600 M O 1:52 o : = Test 02.pdf hendra Toys is a wholesale distributor of gifts and accessories. The following data relates to their alance sheets of St December 2009 Current Assets $ 8,000 Cath Accounts Receivable $ 42.000 Inventory 5 10,200 Building and comet Net $136.000 Total Assets $196,200 Current Labs Accounts Payable $ 30.200 Common Shares 5120.000 Reine Earnings $ 46,000 Total abilities & Owner's Equity $196,200 a The gross margin for the company is of sales Actual and budgeted sales data are as follows- December Actual 580.000 January 554000 February $94.000 March $69.000 Art 570.000 Ses are in cash and 70% in credit Credit sales are collected in the month following the sale Each month's ending inventory should be 25% of the following month's budgeted cost of goods sold e 30 of the month's Inventory purchases are paid for in the month of purchase the remaining 70 is paid for in the following month. Monthly expenses are as follows: Salaries, 510,000, rent56.000, advertisements, 52,000; other penses excluding depreciation, 12% of sales. Depreciation is $2.200 for the quarter and Includes depreciation news acquired during the quarter Equipment will be red for ca 54,000 nary and 56.000 in March Management would like to maintain a minimum cash balance of $6.000 at the end of each month As the company can borrow to interest and they do not pay any income tax. All borrowing curs at the beginning of a month. The company will far as it is repay outstanding loans at the of each month Question 1: Prepare the following budgets for each of the first three months of 2020. Marts Schedule of Expected Cash Collection Merchandise Phase Buttet Sedle of Cash Disbursement for Purchase Schedule of Cash Disbursement for SA Cash Budget Question 2 Prepare a budete income statement for the first three months of 2020 and budged balance sheet as of March 11, 202015 Marts