Jane Myers is the manager of an extremely successful gift shop, Jane’s Gifts,
which is operated for the benefit of local charities. From the data below, she
wants a cash budget showing expected cash receipts and disbursements for the
month of April, and the cash balance expected as of April 30, 2008:

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Bank note due April 10: $90,000 plus $4,500 interest Amortization for April: $2,100 Two-year insurance policy due April 14 for renewal: $1,500, to be paid in cash Planned cash balance, March 31, 2008: $80,000 Merchandise purchases for April: $500,000, 40 percent paid in month of purchase, 60 percent paid in next month Customer receivables as of March 31: $60,000 from February sales, $450,000 from March sales Payrolls due in April: $90,000 Other expenses for April, payable in April: $45,000 Accrued taxes for April, payable in June: $7,500 Sales for April: $1,000,000, half collected in month of sale, 40 per- cent in next month, 10 percent in third month Accounts payable, March 31, 2008: $460,000