HealthMart is a retail store selling home oxygen equipment. HealthMart also services home oxygen equipment, for which the company bills customers monthly. HealthMart has budgeted for increases in service revenue of $200 each month due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2021 is as follows: (Click the icon to view the forecast of sales and service revenue.) Read the requirements. (Click the icon to view the collection information.) Requirement 1. Calculate the cash that HealthMart expects to collect in May and in June 2021. Show calculations for each month. Start by showing the cash collections of sales revenue, then complete the schedule by entering in the service revenue collections and the total cash collections for each month. (Complete all input fields. If there were no collections of revenue for a certain month, select "0%" in the "Collection %" column and enter a "0" in the appropriate May or June column.) Sales revenue: April sales revenue collected in Apr May sales revenue collected in May June sales revenue collected in June Gross Expected Revenue x Collection % April May June Sales and Service Revenues Budget March-June 2021 Expected Sales Expected Service Month Revenue Revenue Total Revenue March $ 6,000 $ 4,000 $ 10,000 April 8,000 4,200 12,200 May 7,500 4,400 11,900 June 9,000 4,600 13,600 1. 2. Calculate the cash that HealthMart expects to collect in April, May and June 2021 from sales and service revenue. Show calculations for each month. HealthMart has budgeted expenditures for May of $11,000 and requires a minimum cash balance of $250 at the end of each month. It has a cash balance on May 1 of $400. a. Given your answer to requirement 1, will HealthMart need to borrow cash to cover its payments for May and maintain a minimum cash balance of $250 at the end of May? b. Assume (independently for each situation) that (1) May total revenues might be 10% lower or that (2) total costs might be 5% higher. Under each of those two scenarios, show the total net cash for May and the amount HealthMart would have to borrow to cover its cash payments for May and maintain a minimum cash balance of $250 at the end of May. (Again, assume a balance of $400 on May 1.) 3. Why do HealthMart's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Has preparing the cash budget been helpful? Explain briefly