Chang Company has budgeted the following cash flows:

Chang had an $18,000 cash balance on April 1. The company desires a $30,000 cash cushion before paying interest. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 1.50 percent per month. Chang also pays its vendors on the last day of the month.
Required
Prepare a cash budget.

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Aprl $200,000 205,000 May $220,000 210,000 June $330,000 232,000 Cash receipts Cash payments For inventory purchases For S&A expenses 40,000 53,000 66,000