The following data relate to the operations of Shilow...

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The following data relate to the operations of Shilow Company, a wholesale distributor of con Current Assets oas of March 31: a. The gross margin is 25% of sales Cash $ 8,000.00 b. Actual and budgeted sales data: Accounts Receivable $ 20,000.00 Invetory $ 36,000.00 March (Actual) $ 50,000.00 Building Eqiupment(net) $ 120,000.00 Ap[ril $ 60,000.00 Accounts Payable $ 21,750.00 May $ 72,000.00 Capital Stock $ 150,000.00 June $ 90,000.00 Retained earnings $ 12,250.00 July $ 48,000.00 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sa d. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of g e. One-half of a month’s inventory purchases is paid for in the month of purchase; the other ha f. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,500 per month; other e 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 o The company has an agreement with a local bank that allows the company to borrow in increm The interest rate on these loans is 1% per month and for simplicity we will assume that interest Using the preceding data: 1. Complete the following schedule:
2. Complete the following:

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