Neat Document- 8/18 Gullspeep #> QUESTION 8 Jennifer is the manager of an extremely successful gift shop, GiGi's, which is operated for the benefit of local charities. From the data below, she wants a cash budget showing expected cash receipts and disbursements, for the month of April, and the cash balance as of April 30, 2005: Bank note due April 10: $90,000 plus $4,500 interest Amortization for April: $2,100 Two-year insurance policy due April 14 for renewal: $1,500, to be paid in cash Planned cash balance, March 31, 2005: $80,000 Merchandise purchases for April: $500,000, 40% paid in month of purchase, 60% paid in the next month Customer receivables as of March 31: $60,000 from February sales, $450,000 from March sales Payrolls due in April: $90,000 Other expenses for April, payable in April: $45,000 Accrued taxes for April, payable in June: $7,500 Sales for April: $1,000,000, half collected in month of sale, 40% in next month, 10% in third month Accounts payable, March 31, 2005: $460,000 1. Prepare the cash budget