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 $736. b. Actual sales for April and May are as follows: May April 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 29 late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 66% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are pald for in the following month. e. Salaries and wages total $11,750 per month, including a $4.500 salary paid to the owner. f. Rent is $5,400 per month 9. Taxes to be paid in June are 56,780.