Cash Budget Humming Bird Ltd's sales forecast for the first six months of 2019 are as follows: Additional information provided is as follows: (i) Sales for November and December 2018 were $38,000 and $40,000 respectively. (ii) Fifty percent of sales will be for cash; 40% will be collected in the first month following the sale; and the remaining 10% will be collected in the second month following the sale. (iii) Raw material purchases are settled one month after purchase. Each month's purchases is shown below: (iv) Wages total $6,000 monthly. (v) Other expenses are $1,900 in January but is expected to increase by $500 each month; (vi) Equipment costing $18,000 will be ordered in January. A deposit of 25% of the cost will be required at the time of the order, with the balance payable at delivery three months later. (vii) Income tax of $8,500 is due in March, at the end of the quarter. (viii) The company's starting cash balance on January 1 will be $15,000; however, a new minimum balance of $20,000 will be applied going forward. (ix) Short-term credit is arranged at an interest rate of 12 percent per annum (1 percent per month) to be paid monthly. The interest on any short-term borrowing is paid in the month after it is incurred. Required: Prepare Humming Bird's cash budget covering January to May 2019