Oxygen Mart is a retail store selling home oxygen equipment. OxygenMart also services home oxygen equipment, for which the company bills customers monthly. Oxygen Mart has budgeted for increases in service revenue of $400 each month due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2018 is as follows: (Click the icon to view the forecast of sales and service revenue.) i (Click the icon to view the collection information.) Read the requirements Requirement 1. Calculate the cash that Oxygen Mart expects to collect in May and in June 2018. Show calculations for each month. Start by showing the cash collections of sales revenue, then complete the schedule by entering in the service revenue collections and the total cash collections for each month. (Complete all answer boxes. If there were no collections of revenue for a certain month, select "0%" in the "Collection %" column and enter a "0" in the appropriate May or June column.) Gross Expected Revenue Collection % April May June Sales revenue: Requirements -X April sales revenue collected in Apr May sales revenue collected in May June sales revenue collected in June X x 1. Data Table 2. Calculate the cash that OxygenMart expects to collect in April, May and June 2018 from sales and service revenue. Show calculations for each month. Oxygen Mart has budgeted expenditures for May of $12,800 and requires a minimum cash balance of $290 at the end of each month. It has a cash balance on May 1 of $650. a. Given your answer to requirement 1, will Oxygen Mart need to borrow cash to cover its payments for May and maintain a minimum cash balance of $290 at the end of May? b. Assume (independently for each situation) that (1) May total revenues might also be 10% lower or that (2) total costs might be 5% higher. Under each of those two scenarios, show the total net cash for May and the amount OxygenMart would have to borrow to cover its cash payments for May and maintain a minimum cash balance of $290 at the end of May. (Again, assume a balance of $650 on May 1.) Why do Oxygen Mart's managers prepare cash budget in addition to the revenue, expenses, and operating income budget? Has preparing the cash budget been helpful? Explain briefly. Sales and Service Revenues Budget March-June 2018 Expected Sales Revenue Expected Service Revenue $ 7,000 $ 4,600 Month Total Revenue March $ 11,600 9,000 5,000 14,000 3. April May June 8,500 5,400 13,900 9,800 5,800 15,600 Print Done Print Done