9. Prepare a budgeted income statement. Assume that the tax rate is 30%. 10. Prepare a cash collection schedule of sales for the second quarter. Xin's cash sales are insignificant (In other words, assume no cash sales.). They collect 30% of their sales in the month of sale, 60% in the month after, 8% two months after, and then the remainder is written off (won't be collected). Actual sales for February and March this year were $270,000 and $290,000 respectively. The collection percentages also apply to February and March. 11. Xin purchases 80% of its raw materials on account and 20% by cash. 70% of the credit purchases are paid for in the month of purchase; the remaining 30% are paid for in the following month. The purchase for March this year was $65,000. The collection percentages also apply to March. Prepare a cash disbursement schedule for raw materials. You may need to have a separate row for cash purchase. 12. Here are some other details: a. A $20,000 minimum cash balance is required for the end of each month. Money can be borrowed and repaid in multiples of $1,000. Interest is 12% per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a month, and all repayment (principal and interest) takes place at the end of a month. b. Please be aware of the depreciation in the overhead budget and Selling & Administrative Expense budget. C. The capital budget for the coming year revealed plans to purchase additional equipment. The cash outlay for the equipment, $60,000, will take place in April. The company plans to finance the acquisition of the equipment with operating cash, supplementing it with short-term loans as necessary. d. Corporate income taxes are approximately $100,000 and will be paid at the end of June. e. Beginning cash balance is $5,000 in April. I Prepare a cash budget