c. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in Aprit, total $187,000. d In preparing the cash budget, assume that the $47,000 loan will be made in April and repaid in June interest on the loan will total $820. Required: 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2 Prepare a cash budget, by month and in total, for the three-month period Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for April, May, and June, and for the three munths in total. The president of the retaller Prime Products has just opproached the comparty's bank with a request for a $47,000,90-day loan. The purpose of the loan is to assist the compary in acquining inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are avallable for the months April through June, during which the loan will be used: a On Aprit 1, the start of the loan penod, the cash balance wir be $40,000. Accounts recelvable on April 1 will total $145.600,0 which $124.800 will be collected during Apri and $16.640 wil be collected during May. The remainder will be uncollectible. b. Past experience shows that 30% of a month's sales are collected in the month of sole, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted soles and expenses for the threemonth period follow: c. Merchandise purchases are paid in full dunng the month following purchase Accounts payable for merchandise purchases during March, which will be paid in Aprit, total $187,000. d. In preparing the cash budget, assume that the $47,000 ioan will be made in Aprif and repaid in fune interest on the loan will total $820 Required: 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in fotal, for the three month period. Complete this question by entering your answers in the tabs below. Prepare a cash budget, by month and in total, for the three-month period. (Cash deficiency, repayments and interest should be indicated by a minus sign.)