He following data relate to the operations of shilow company,

The following data relate to the operations of Shilow Company, awholesale distributor of consumer goods: Current assets as of March 3 8,000 Cash Accounts receivab 20,000 36,000 nventory Building and equipment, net 120,000 21,750 Accounts payable $150,000 Capital stock 12,250 Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data March (actual 50,000 60,000 May 72,000 June 90,000 48,000 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 purcha se, the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other expenses (excluding depreciation 6% of sales. Assume that these expenses are paid monthly. Depreciation is $900 per month (includes depreciation on new assets g. Equipment costing $1,500 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 tobomow in s of S1,000 at the beg nning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1%per month and for simplicity we will assume that interest is not d. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required Using the data above: Complete the following schedule. Schedule of Expected Cash Collections

2.              Complete the following:

 

 

Inventory Purchases Budget

Schedule of Expected Cash Disbursements—PurchasesComplete the following:

 

 

Schedule of Expected Cash Disbursements—Operating Expenses 4.              Complete the following cash budget:

  5.              Prepare an income statement for the quarter ending June 30. (Use the functional format in preparing your income statement, as shown in Schedule 9 in the text.)

              6.              Prepare a balance sheet as of June 30.

 

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