3 Not yet answered Marked out of 15.00 Flag question King manufacturing company's budgeted income statement includes the following data: March April May June Sales 140000 95000 95000 100000 Commission Exp - 15% of sales 21000 14250 14250 15000 Salary expense 30000 30000 30000 30000 Miscellaneous Expense - 4% of sales 5600 3800 3800 4000 Rent expense 3000 3000 3000 3000 Utilities expense 2100 2100 2100 2100 Insurance expense 1800 1800 1800 1800 All sales are made on cash basis. The budget assumes that 60% of the commission expenses are paid in the month they were incurred and the remaining 40% are paid one month later. 40% of salary expenses are paid in the month incurred and the remaining 60% are paid on one month later. Miscellaneous expense, rent expense and utilities expense are assumed to be paid in the same month which they are incurred. Insurance was prepaid for the year on 1 January. The cash balance on 1 April was $19,500. Required: Prepare the cash budget for each of the months April, May and June