5. Consider the budgeted income statement for Crandell Company for June 20X4. 1 (Click the icon to view the income statement.) The cash balance, May 31, 20X4, is $10,000. Sales proceeds are collected as follows: 80% the month of sale, 10% the second month, and 10% the third month. Accounts receivable are $58,000 on May 31, 20X4, consisting of $26.000 from April sales and $32,000 from May sales. Accounts payable on May 31, 20X4, are $142,000. Crandell Company pays 15% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. Requirement 1. Prepare a cash budget for June. Confine your analysis to the given data. Ignore income taxes. Requirement 1. Prepare a cash budget for June. (Round your answers to the nearest whole number.) Crandell Company Cash Budget For the Month Ended June 20, 20X4 (In thousands) Beginning Cash, May 31, 20X4 Cash Reciepts: Collections from customers from: June sales May sales April sales Total cash available during June Cash Disbursements: On accounts payable of May 31 On June purchases Wages Utilities Advertising Office expenses Ending Cash, June 30, 20X4 1: Data Table Sales $ 325 $ $ Inventory, May 31 66 Purchases 196 Available for sale 262 Inventory, June 30 42 Cost of goods sold 220 Gross margin 105 Operating expenses Wages 39 Utilities 5 Advertising 16 Depreciation 3 Office expenses 7 5 Insurance and property taxes 75 30 Operating income Crandell Company Budgeted Income Statement for the Month Ended June 30, 20X4 (in thousands) 5 $