Daniel Merrill is the manager of an airport gift shop, Merrill News and Gifts. From the following data, Mr. Merrill wants a cash budget showing expected cash receipts and disbursements for the month of April, and the cash balance expected as of April 30, 20X7. -Planned cash balance, March 31, 20X7: $100,000 -Customer receivables as of March 31: $530,000 total, $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 Prepare the cash budget for the month ending April 30, 20X7