Cash Budget The owner or a bulding supply company has requested a cash budget for June. Arte examining the records of the company, you find the following a. Cash balance on June 1 is $1,055 h. Artussis for April rd Ny are as follows April May Cash sales $.0,000 $18,000 Crust 28,900 35,000 Total $38,000 $53,000 c. Credit sales are collected over a 3-month period: 40% In the month of sac, 30% in the second month, and 20% in the third month. The sacs colected in the third month are subject to a 2 late foc, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases averege 70% of month's total sales or those purchases, 2015 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 f. Rent is 54,800 per month 9. Texes to be paid une are $6.789 The owner also tels you that he expects cash sales of $18,600 and credit sales of $54,000 for lune. No minimum cash balance is required. The cwner of the company doesn't have access to short term loans. Required: 1. Prepare a tush budget for law. Include supporting schedules for cash election and hyments. Round calculation and in answers to the rest delar. Her sur inter percentages ss while numbers. Cash Budget For June Heginning balance 936 X Collections: Cash sales Credit sales Current month current on * Meyrred April Total cash available Less disbursements: Inventory purchases Current Prior month $ Salernd W Total cash needs od Excess of cash available over needs