eBook Calculator Print Item Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,386. b. Actual sales for April and May are as follows April May Cash sales Credit sales Total sales 28,900 $18,000 $38,900 $10,000 35,000 $53,000 c. Credit sales are collected over a 3-month pe od 40% in the month of sale, 30% d. Inventory purchases average 70% of a month's total sales. Of those e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible customers in addition to purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. f. Rent is $5,500 per month. g. Taxes to be paid in June are $6,780. The owner also tells you that he expects cash sales of s18,600 and credit company doesn't have access to short-term loans Required 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final nearest dolilar. Be sure to enter percentages as whole numbers sales of $$4,000 for June. No minimum cash balance is required. The owner of the Check My Work more Check My Work uses remaining Previous Next 3 50 PM