Noma Company,s cash balance on April 2016 amounted to $55,000, and it require to maintain a minimum cash balance of $23,000. Additional information related to the second quather of 2016 includes: 1. Cash receipts from customers: In April $120,000; May $125,000 2. Payments to suppliers: April $20,000; May $45,000 3. Direct Material Purchased: May $32,000; June $41,000. Materials are paid in the month purchased. 4. Direct labour: April $22,000; May $28,000. Included in Direct labour cost is head office security personell expense of $1,000 per month. Remaning Direct material costs are paid as incurred. 5. Selling and administrative expenses: April $20,000; May $25,000 which include depreciation on office machines of 2,000 per month and are paid as incurred. 6. In April the company soled marketable securities for $12,000 in cash. Noma company can borrow up to $25,000 from it's line of credit if needed. 7. Noma borrowed $65,200 from Western Canada bank in March and amount is still outstanding with 10% interest per month Instructions Prepare a cash budget for the month of April and May.