Company ABC commences trading on June 1, 2019 with a capital of $240,000. Plant & equipment costing $160,000 will be purchased and installed prior to June 1st. The equipment is payable in June 2019. On June 1 an initial stock of goods $96,000 payable in July. All goods sold from June 1 will be replaced immediately. Purchases will be on two months credit. Forecast sales: June $92,000 July $108,000 Aug $124,000 o Sale is on credit payable in the month following sale. Rent of $32,000 for 12 months is payable in July. Wages and other overhead are estimated at $24,000 per month. 50% will be paid in the month incurred with the balance payable in the following month. Prepare a cash budget for each of the 3 months (June-August) Company ABC commences trading on June 1, 2019 with a capital of $240,000. Plant & equipment costing $160,000 will be purchased and installed prior to June 1st. The equipment is payable in June 2019. On June 1 an initial stock of goods $96,000 payable in July. All goods sold from June 1 will be replaced immediately. Purchases will be on two months credit. Forecast sales: June $92,000 July $108,000 Aug $124,000 o Sale is on credit payable in the month following sale. Rent of $32,000 for 12 months is payable in July. Wages and other overhead are estimated at $24,000 per month. 50% will be paid in the month incurred with the balance payable in the following month. Prepare a cash budget for each of the 3 months (June-August)