Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $886 b. Actual sales for April and May are as follows: April May Cash sales $10,000 $18,000 Credit sales 28,900 35,000 Total sales $38,900 $53,000 c. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% tate fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible d. Inventory purchases average 68% of a month's total sales of those purchases, 20% are paid for in the month of purchase. The remaining 80% are said for in the following month e. Salaries and wages total $11.750 per month, including a 54,500 salary paid to the owner 1. Rent is 54,600 per month 9. Taxes to be paid in June are 56,780. The owner also tell you that he expects cash sales of 518,600 and credit sales of 354,000 for June. No minimum canh datance is required. The owner of the commary doesn't have access to short-term loans Required: 1. Prepare a cash budget for June Include supporting schedules for can collections and cash payments. Round calculations and final answers to the nearest color the sure to enter percentages as whole numbers Cash Budget For June Beginning cash balance Collection 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and finat answers to the nearest dollar. Be sure to enter percentages as whole numbers. Cash Budget For June Beginning cash balance Collections Cash sales Credit sales Current month May credit sales Apre credit sales Total cash available Less disbursements Inventory purchase Current month Pror mann Current month % May credit sales % April credit sales Total cash available Less disbursements: Inventory purchases: Current month hun i 10 X 9% Prior month % Salaries and wages Rent Taxes Total cash needs Excess of cash available over needs 2. Conceptual Connection: Did the business show a negative cash balance for June