he Comet Lid budgeted profit and loss statement disclose the followings: Sales Purchases Expenses April $315,000 $142,500 $55,500 May $472,500 $187,500 $63,000 June $420,000 $168,000 $60,000 (a)Sales are collected 75% in the month of sale, 20% in the following month of sale and 5% in the second following month of sale. No bad debts. (b)Comet pays purchases 85% in the month of sale and 15% in the following month of sale. (c)On 1 April, the accounts receivable balance was $270000, to be collected $180000 in April and the reminder in May. d) Comet had $60000 accounts payable on 1 April. e) Cash balance 1 April was $79500. (f) The expenses are paid for in the month incurred and included $10500 depreciation expense. Required: 1- Prepare a cash budget from April to June. (9 Marks) 2- Will Comet Lid have enough cash to buy a piece of equipment in July with the price of $100,000. (1 Ma e d Windows