Consider the budgeted income statement for D & Co for the month ended 30 June 2019 belowo RM RM Sales 290,000 Less: Cost of Goods Sold Inventory, May 31 50.000 Purchases 192.000 Available for sale 242,000 Inventory, June 30 mum.40.000 202.000 Gross profit 88.000 Less: Operating expenses Wages 36.000 Utilities 5,000 Advertising 10.000 Depreciation 1,000 Office expenses 4,000 Insurance and property taxes 3.000 59.000 Operating profit 29,0,00 Additional information: The cash balance, May 31, 2019, is RM15,000. Sales proceeds are collected as follows: 80% the month of sale; 10% the second month; and 10% the third month. Accounts receivable are RM44,000 on May 31, 2019, consisting of RM20,000 from April sales and RM24,000 from May sales. Accounts payable on May 31, 2019, are RM145,000. D & Co pay 25% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. Required: (a) Prepare a cash budget for June 2019. Confine your analysis to the given data. Ignore income taxes. (16 marks)