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, 2011. 

Bank note due April 10: $90,000 plus $4,500 interest 

Depreciation 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: $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 percent in next month, 10 percent in third month 

Accounts payable, March 31, 2011: $460,000 

Prepare the cash budget.