e purchases All sales at McCracken are on credit. Forty peiw... 2% are uncollecuun. .jug and administrative the month following the sale, and the remaining 2% are uncollectus selling and administrative are paid in full the month following the month of display fixtures and warehouse equipment. expenses above include $8,000 of depreciation on displaid as incurred. McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end. Required: Prepare McCracken's cash budget for the month of May. Use good form. McCracken expects to have $24,000 of cash on hand at the beginning of May