ACME Company is preparing a cash budget for November. Sales are budgeted at $450,000 and are collected 60% in the month of sale and the balance in the following month. At the end of the previous month, the accounts receivable is $150,000, and the cash balance is $3,000. Budgeted expenses to be paid in cash in November are as follows: inventory purchases of $300,000; salaries of $28,000; and administrative expenses of $102,000. Depreciation is budgeted at $6,000 for the month. A minimum cash balance of $2,000 must be maintained. Interest will be paid in the following month. Required: Prepare a Cash Budget, in good form, for November. (7 marks)