Here are some important figures from the budget of Merrick Inc for the second quarter 2014. April May June Credit sales $312,000 $291,200 $350,400 Credit purchases 118,240 141,040 166,800 Cash disbursements Wages, taxes, and expenses 43,040 10,800 62,640 Interest 10,480 10,480 10,480 Equipment purchases 74,000 135,000 0 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2013, credit sales were $196,000, and credit purchases were $134,000. Using this information, complete the following cash budget: April May June Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance $112,000