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 1s $1,286. 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% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 70% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month e. Salaries and wages total $11.750 per month, including a $4,500 salary paid to the owner 1. Rent is $5,500 per month g. Taxes to be paid in June are $6,780. The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June Nominimum cash balance is required. The owner of the company doesn't have access to short-term loans Required: 1. Prepare a cash budget for fun. Include supporting schedules for cash collections and cash payments, Round calculations and final answers to the nearest dollar. Be sure to enter percentages a whole numbers Cash Budget For June Beginning cash balance 1,2016 Collections eBook Collections: Cash sales Credit sales: Current month % II I I May credit sales X % April credit sales Total cash available Less disbursements: Inventory purchases: Current month X % Prior month % Salaries and wages DINI Rent Taxes Total cash needs Excess of cash available over needs