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The city of Charleston had the following sales of water for the selected months of 20 l 7: m m February $50,000 March 55,000 April 70,000 May 42,500 June 70,000 July 120,000 All sales are on credit. Historically, 60 percent is collected in the month of sale, 30 percent during the first month following the sale, and 10 percent in the second month following the sale. Water purchases by month are as follows: m February $60,000 March 40,000 April 45,000 May 50,000 June 52,500 July 90,000 Water is purchased in the month of sale. All purchases are paid during the month following the purchase. Operating costs are $18,000 and everything is paid in cash except for depreciation, which totals $8,000 a month The city plans on purchasing some new equipment in May for $25,000 in exchange for a note payable. The April 1 cash balance is expected to be $7,000. The city must maintain a minimum cash balance of $11,000, and money can be borrowed from a local bank in increments of $1,000. The city borrows money at the beginning on the rst day of the month and repays loans and interest on the last day of the month. The bank charges the city an annual interest rate of 15%. R_equired: Prepare a cash budget for April, May, June and in for the quarter, and based on your answer complete the following table: Round to the nearest dollar and DO NOT enter decimals, or commas and if a zero needs to be entered, enter "0". Beginning Cash Balance Cash Collections Water disbursements Operating Costs Borrowings Repayments Interest Ending cash balance April $ 7,000 $ 63500 $( 40000 $( 10000 $20,500 May $ 20,500 $ 52000 $( 45000 $( 10000 $ 17,500 June $17,500 35 61750 $( 50000 $( 10000 $19,250 Quarter $ 7,000 $ 177250 $( 135000 $( 30000 $ 19,250