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Cash Budget The owner of a building supply company has requested a cash budget for und Alter examining the records of the company, you find the following: Cash balance on June 1 $1,086 b. Actual sales for April and May are as follows: April May Cash sales 510,000 $18,000 Credit sales 28,900 35,000 Total sales $38,900 353,000 Credit cales are collected over a month period 40 in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are collectible d. Inventory purchase average 66 of a month's total sales of these purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month Solanes and wages total $11,750 per month, including 54,500 salary paid to the owner entis 54,300 per month o Taxes to be paid in June are 56,780 The owner also tells you that he expects cash sales of $18.600 and credit sales of $54,000 for June, No minimum cash balance is required. The owner of the company does 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 newers to the nearest dollar. Be sure to enter percentages as whole numbers