3. The Uthred Company, a merchandising firm has planned the following sales for the next four months: March $50,000 April $70,000 Total budgeted Sales May June $90,000 $60,000 July $90,000 Sales are made 60% for cash and 40% on account. From experience, the company has learned that a month's sales on account are collected according to the following patter: Month of sale First month following month of sale Second month following month of sale Uncollectible 70% 20% 8% 2% Uthred has a building that is not used in the business operation; they rented it out and receive $10,000 rent every month. The company requires a minimum cash balance of $14,000 to start a month. Required (15 Marks) a) Compute the budgeted cash receipts for June. b) Assume the following budgeted data for June: Purchases $52,000 Selling and administrative expenses $10,000 Depreciation $18,000 Equipment purchases $18,000 Dividend payment $12,000 Tax payment $4,000 Cash balance, beginning of July $5,720 Using this data, along with your answer to part (1) above, prepare a cash budget in good form for July. The company can borrow in any dollar amount, but will not pay any interest until the following month