Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2017:

April May June

Credit Sales $312,000 $292,000 $352,000

Credit Purchases 120,000 143,000 168,000

Cash Disbursements

Wages, Taxes, & Exp 43,200 10,700 62,200

Interest 10,200 10,200 10,200

Equipment Purchases 72,000 134,000 0

The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.

In March 2017, credit sales were $182,000, and credit purchases were $122,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.)

Beginning cash balance April May June

$115,000 $ $

Cash receipts

Cash collect (credit sales) $ $ $

Total cash available $ $ $

Cash disbursements

Purchases $ $ $

Wages, taxes, and exp $ $ $

Interest $ $ $

Equipment purchases $ $ $

Total cash disbursements $ $ $

Ending cash balance $ $ $