Calculating the Cash Budge t Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2013:

April May June Credit sales $547,200 $570,240 $630,720 Credit purchases 211,680 252,720 288,450 Cash disbursements Wages, taxes, and expenses 57,240 69,422 72,432 Interest 16,416 16,416 16,416 Equipment purchases 119,520 131,040 0 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 2013, credit sales were $302,400, and credit purchases were $224,640.

Using this information, complete the following cash budget:

April May June Beginning cash balance $403,200 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