2. XYZ Inc., a laser printer manufacturer, has the following forecasted sales for 2020: April May June July $200,000 $350,000 $450,000 $350,000 $250,000 $200,000 $300,000 Actual sales in November and December 2020 were $375,000 and 266,667, respectively. Sixty percent of sales are on credit. The firm collects 60% of these credit sales during the first after the sale and the remainder during the following second month. Purchases constitute 60% of the next month's sales. The company pays 50% during the first month after the purchase was made and the remainder in the next month. Wages, taxes and other expenses are expected to be 30% of forecasted sales. A major capital expenditure of $70,000 is expected in March. Interest payments are expected to be $30,000 every month and the company needs a minimum cash balance of $25,000. The beginning cash balance is $30,000 Required: Prepare a Cash Budget for January to July 2020 2020