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You are provided with the following information taken from Kingbird, Inc.'s March 31, 2022, balance sheet. Cash $ 11,500 Accounts receivable 20,000 Inventory 36,000 Property, plant, and equipment, net of depreciation 120,000 Accounts payable 22,400 Common stock 150,000 Retained earnings 11,600 Additional information concerning Kingbird, Inc. is as follows. 1. Gross profit is 24% of sales. N Actual and budgeted sales data: March (actual) $46,500 April (budgeted) 70,500 3. Sales are both cash and credit. Cash collections expected in April are: March $ 18,600 (40% of $46,500) April 42,300 (60% of $70,500) $60,900 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disburs Purchases March $22,400 Purchases April 28,100 $50,500 5. Cash operating costs are anticipated to be $11,500 for the month of April. 6 . Equipment costing $2,500 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $12,000. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 12% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Kingbird, Inc. must borrow, or can repay, in April. KINGBIRD, INC. Cash Budget For the Month Ending April 30, 2022 +KINGBIRD, INC. Cash Budget For the Month Ending April 30, 2022 + Beginning cash balance tA 11,500 Add Cash receipts Collections from customers March cash purchases Total receipts Total available cash Less + Cash disbursements April cash purchases 28,100 Cash operating costs 11,500 Equipment purchase 2,500 March cash purchases Total disbursements Excess (deficiency) of available cash over disbursements Financing Add + Borrowings Less Repayments i Ending cash balance $