7) The ABC Company reports all their sales on credit, and pays all operating costs in the month incurred. The budgeted sales and purchases amounts for a part of the fiscal 2022 year are as follows: March April May June Budgeted sales $400,000 $500,000 $400,000 $850,000 Budgeted purchases $150,000 $160,000 $140,000 $400,000 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 60% of sales. The company purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month. Operating expenses are: Salaries, $50,000; Depreciation, $12,000; Rent, $15,000, and Utilities, $14,000. Accounts payable is used only for inventory acquisitions Calculate the amount of cash the company will receive during May from customers? Explain why Cash is important to a business