15 pisave s e QUESTION 4 The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter April May June Sales $110.000 $130,000 $150,000 Merchandise purchases $85.000 592000 5105,000 Selling and administrative expenses 350 000 550.000 in the month olowing the sale and the remaining All sales at McCracken are on credit Forty percent are collected in the month of sale, 50 are unco e are paid in full the month following the month of purchase the selling and administrative expenses above include 10.000 of depreciation on display futures and w other selling and administrative expenses are paid as incurred McCracken wants to maintain a cash balance of $15.000 Any amount below this can be dow well needed at a quarterly interest rate of Alborrowings are made a month and and payments of loans or any part of an afmonth and Required: Prepare McCracken's cash budget for May McCracken expects to have 524.000 of cash on hand at the beginning of May Show you wo Use the following table to answer this question McCracken Plumbing Supply Cash Budget for May Merchandi e