Bellinger Co., a broker in the beef industry, has estimated revenues for the following four months: Month Revenue May $350,000 June 285,000 July 295,000 August 320,000 Bellinger estimates to have a cash balance of $44.000 on June 1. All sales are on credit, with 40 percent collected during the month of sale and the remainder during the next month. Cost of cattle sales is projected at 75 percent of sales. All cattle are purchased on credit. Payments for the cattle sold are made in the month following the month of sale. Operating expenses amount to $36.000 each month and are paid during the month incurred. The cash budget for June will have an ending balance of