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Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following 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 $ 55,000 36,000 40,000 100,000 $ 231,000 $ 51,300 70,000 109.700 $ 231, Budgeted Income Statements April Sales $100,000 Cost of goods sold 60,000 Gross margin 40,000 Selling and administrative expenses 15,000 Net operating income $ 25,000 May $110,000 66,000 44,000 16,500 $ 27,500 June $130,000 78.000 52,000 19,500 $ 32,500 Budgeting Assumptions: 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 sale and the remaining 80% are collected in the month subsequent to the sale. b. Budgeted sales for July are $140,000. c. 10% of merchandise inventory purchases are paid in cash 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. e. Depreciation expense is $1,000 per month. All other selling and administrative expenses are paid in full in the month the expense is 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 April May, and June to determine the cash balance in your June 30th balance sheet.)