7 Lucky Food Stores wishes to prepare a cash budget for the month of April, 2022. Total Sales for February (actual), March and April (estimated) are as follows out of Month Total Sales February March $48,000 40,000 45,000 April The total budgeted purchases (paid entirely in cash) for April is $22,000. The expenses for April are expected to be $9,500 including $1,000 for depreciation on machinery All sales are on credit, and the company's experience shows that on the average, 80 percent of sales are collected in the month of sale, 15% on the month following sale and the balance two months after sale Prepare a cash budget to determine the cash balance for April 2022, assuming there was a cash balance of $3,000 in hand on April 1, 2022 NOTE: For your answer, just write in the Cash balance at the end of April