Consider the tollowing intormation that will assist you in preparing a cash budget for XYZ COMPANY for the month of June: The cash balance on June 1 st is expected to be $10,000. Traditionally, 60% of all sales are cash sales collected in the same month as the sale: the remaining 40% of all sales are collected in the month following the sale. Also, 70% of the purchases of merchandise are paid for in the same month as the purchase: the remaining 30% of the purchases are paid for in the month following the purchase. The following expenses are expected to be incurred in the month of June: Additional Information: The company pays a commission to their sales manager equal to 5% of monthly sales revenue. The commission is paid in the month following the month to which it relates. The company has purchased a new insurance policy with a total annual cost of $2,400. The insurance contract calls for this to be paid in equal monthly installments. The company plans on purchasing a new computer system for $13,000. The full amount will be paid in July. However, in June, the company plans on selling their old computer system for $5,000 cash proceeds. Required: Prepare a Cash Budget for XYZ COMPANY for the month of JUNE