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View Policies Current Attempt in Progress You are provided with the following information taken from Larkspur, Inc's March 31, 2022 balance sheet. Cash $ 11,950 Accounts receivable 21,490 36,430 Inventory 121,600 Property, plant, and equipment, net of depreciation 22,860 Accounts payable 152,400 Common stock 12.600 Retained earnings Additional information concerning Larkspur, Inc. is as follows. 1. Gross profit is 27% of sales. 2. Actual and budgeted sals data: $46,700 March (actual) 71,300 April (budgeted) 3 Sales are both cash and credit. Cash collections expected in April are: $18,680 (40% of $46,700) March 42.780 (60% of $71,300) April $61.460 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte Purchases March $22,860 Purchases April 28,170 $51.030 5. 6. Cash operating costs are anticipated to be $11,840 for the month of April, Equipment costing $2,970 will be purchased for cash in April The company wishes to maintain a minimum cash balance of $12,790. 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 15% per year, and interest expense is accrued at the end of the month and paid in the following month. 7 Prepare a cash budget for the month of April. Determine how much cash Larkspur, Inc. must borrow.or can repay, in April LARKSPUR, INC. Cash Budget IA