Current Attempt in Progress You are provided with the following information taken from Sheridan Inc.'s March 31, 2025, balance sheet Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $11.520 22,360 36.190 120,200 22,980 151,200 11,790 Additional Information concerning Sheridan Inc. Is as follows. 1. Gross pront is 25% of sales. 2 Actual and budgeted sales data: March (actual) April (budgeted) $47,600 71,100 3. 4, Sales are both cash and credit. Cash collections expected in April are: March $19,040 140% of $47,600) April 42,660 (60% of $71,100) $61,700 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte Purchases March Purchases April $22,980 28,300 $51,280 5. Cash operating costs are anticipated to be $12.350 for the month of April. 6. Equipment costing $2,540 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $12,900. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 13% per year, and interest expense is accrued at the end of the month and paid in the following month.