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 $1,036. b. Actual sales for April and May are as follows: April May Cash sales Credit sales Total sales $10,000 28,900 $38,900 $18,000 35,000 $53,000 c. Credit sales are collected over a 3month 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 64% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. g. Taxes to be paid in June are $6,780. The owner also tells you that he expedts cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is The remaining 80% are paid for in the following month. f. Rent is $4,400 per month. required. The owner of the company doesn't have access to short-term loans. Required: 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dollar. Be sure to enter percentages as whole numbers. Check My Work