Michael Inc. would like to prepare a summary cash budget for June. The following information is available: - The cash balance at June 1 was estimated to be $6,000. - June sales, all on account, were estimated to be $75,000. Sales are collected over a two-month period with 60 percent collected in the month of sale and the remainder in the subsequent month. The accounts receivable balance on June 1st is $42,000. - Inventory purchases are expected to be $50,000 in June. The company pays for one-half of inventory purchases in the month of purchase and the remainder in the subsequent month. May purchases were $60,000. - Cash disbursements for selling and administrative expenses are expected to be $9,000 in June. - Depreciation expense for June is expected to be $3,000. What is the cash balance at the end of June expected to be? $26,000 $15,000 $12,000 $29,000