Camper Supply Company is a merchandiser and has provided the following information: a Budgeted Sales: (75% cash sales, 25% on credit) April $340,000 May $280,000 June $490,000 Accounts Receivable are budgeted to be collected 60% in the month of sale and 40% in the following month. Additional information for the month of June Cash balance, June 1, 2022 Minimum cash balance required Merchandise purchases paid for in cash Salaries expense Selling and administrative expenses, excluding depreciation Depreciation expense Equipment purchase paid for in cash $8,000 $6,000 $240,000 $70,000 S181,000 $9,000 $45.000 At the beginning of June, the company's outstanding line of credit balance is $0. Interest on outstanding loan balances will be paid in the following month. Required: 1. Prepare a schedule of expected cash collections from sales for the month of June (3 marks) 2. Prepare a Cash Budget for the month ending June 30, 2022. (7 marks)