Cash Budget The following information is provided to assist in the preparation of the Cash Budget for Wyoming Ltd. for April & May 2020. The cash balance at 1st April, 2020 is an overdrawn amount of $400 All sales are on credit Actual/Budgeted Sales $ Budgeted Purchases $ 72,000 64,000 68,000 82,000 March April May June 140,000 120,000 130,000 155,000 Cash collections from credit customers are: 70% in the month following the sale 20% in the second month following the sale 10% in the third month following the sale All purchases are made on credit and payments are made as follows: 60% of purchases are paid for in the month of purchase 40% of purchases are paid for in the month following the purchase. Selling and administrative expenses each month are $24,000. This includes $6,000 per month for depreciation. Equipment costing $35,000 is expected to be bought in May and paid for in June. Required for the months of Apr & May 2020: (0) Prepare a schedule of cash collections (ii) Prepare a schedule of cash payments Prepare a cash budget. (iv) Please comment on the cash balances of Wyoming Ltd for both months