Golf Company has accumulated the following budget information for the two months of the coming fiscal year: Sales. Manufacturing costs Selling and administrative expenses March April $625,000 $710,000 260,000 50,800 425,000 60,800 The company expects to sell about 25% of its merchandise for cash. Of sales on account, 60% are collected in the month of the sale, and the remainder in the month following the sale. 65% of the manufacturing costs are paid in the month in which they are incurred, and the balance in the following month. Depreciation, insurance, and property taxes represent $12,000 of the monthly selling and administrative expenses. Insurance is paid in May, and property taxes are paid yearly in September. Of the remainder of the selling and administrative expenses, one-half are to be paid in the month in which they are incurred and the balance in the following month. Capital additions of $250,000 are paid in April. A $12,000 installment on income taxes is to be paid in March Current assets as of March 1 are composed of cash of $75,000 and accounts receivable of $90,000. Current liabilities as of March 1 our accounts payable of $200,000 ($180,000 for materials purchases and $20,000 for operating expenses). Management desires to maintain a minimum cash balance of $30,000. REQUIRED: Prepare a monthly cash budget for March and April. Show Cash Collections on account and Cash Payments on account separately.