Daniel Merril is the manager of an airport gift shop, Merril News and Gift. From the following data, Mr. Merril wants a cash budget showing expected cash receipts and disbursements for the month of April, and the cash balance expected as of April 30, 2017. Planned cash balance, March 31, 20X7:$100,000. Customer receivables as of March 31: $530,000 total, where $80,000 from February sales, $450,000 from March sales. Accounts payable, March 31:$460,000 Merchandise purchases for April: $450,000, 40% paid in month of purchase, 60% paid in next month Payrolls due in April: $90,000 Other expenses for April, payable in April: $45,000 Accrued taxes for April, payable in June: $7, 500 Bank note due April 10: $90,000 plus $7, 200 interest Depreciation for April: $2, 100 Two-year insurance policy due April 14 for renewal: $1, 500, to be paid in cash Sales for April: $1,000,000, half collected in month of sale, 40% in next month, 10% in third month Required: Prepare a cash budget for the month ending April 30, 20X7