1. Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017: April June Credit sales Credit purchases Cash disbursements $601,900 232,850 $627300693.790 277,900 Wages, taxes, and expenses 62,964 18,058 131,400 76,364 79,670 18,058 0 Interest Equipment purchases 144,200 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its salesv 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 201Z credit sales were $332,640, and credit purchases were $247,100. Using this inform complete the following cash budget May Ju April $443,500 Beginning cash balance ash receipts Cash collections from credit sales Total cash available ash disbursements Credit purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements ding cash balance