Given the following information to prepare a cash budget for HLTH Medical Supplies HLTH Medical Supplies has sales of $80,000 in March and $72,000 in April. Forecast sales for May, June, and July are $75,000, $80,000 and $90,000 respectively. As of May 1, the firm has a cash balance of $10,000 and wishes to maintain a minimum cash balance of $7,000. Prepare a cash budget for the months of May, June, and July 1. The firm makes 25% of sales for cash, 45% are collected the next month, 30% are collected in the second month following sales. 2. The firm receives other income of $8,000 per month 3. The firm's purchases represent 65% of sales. Of this, 15% is paid in cash, 70% in paid in the month immediately following the month of purchase, and the remaining 15% is paid 2 months following the month of purchase. 4. Rent is $2,500 per month. 5. Wages and salaries are 35% of the previous month's sales, 6. Cash payment of $4,000 to a retirement fund will be paid in June. 7. Payment of principal ($2,500) and interest ($2,000) and is due in June. 8. Additional equipment will be purchased in July totaling $6,000, 9. Taxes are $7,500 are due in June The month in which the cash disbursement for wages and salaries is the least would be April May June July