Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 70,800 Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,430 Purchases April 28,140 $50,570 6. 7. Cash operating costs are anticipated to be $12,570 for the month of April. Equipment costing $2,780 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,230. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 14% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Metlock, Inc. must borrow, or can repay, in April. Prepare a cash budget for the month of April. Determine how much cash Metlock, Inc. must borrow, or can repay, in April. METLOCK, INC. Cash Budget Click if you would like to Show Work for this question: Open Show Work