Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017:

The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
In March 2017, credit sales were $419,000 and credit purchases were $206,300. Using this information, complete the following cash budget:

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MAY JUNE APRIL Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses $434,000 210,800 $510,000 278,300 $538,500 286,700 62,700 15,100 127,800 95,100 15,100 78,500 15,100 148,400 Interest Equipment purchases APRIL MAY JUNE Beginning cash balance $265,000 Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance