P4-8 Cash Disbursements Schedule: Maris Brothers, Inc. needs a cash disbursement schedule for the months of April, May, and June. Use the format of table 4.9 on page 133 and follow the information in its preparation. Sales: February = $5000, 000; March = $500, 000; April = $560, 000; May = $610, 000; June = $650, 000; July = $6500, 000 Purchases: Purchases are calculated as 60% of the next months sales, 10% of the purchases are made in cash, 50% of the purchases are paid for 1 month after purchase, and the remaining 40% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $8,000 per month. Wages and salaries: Base wages and salaries costs are fixed at $6,000 per month plus a variable cost of 7% of the current months sales. Taxes: A tax payment of $54,500 is due in June. Fixed assets outlays: New equipment costing $75,000 will be bought and paid for in April. Interest payments: An interest payment of $30,000 is due in June. Cash dividends: Dividends of $12,000 will be paid in April. Principal repayments and retirements: No principal repayments or retirements are due during these months. Question P4-9 Cash budget: Grenoble Enterprises has sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000, $80,000, and $100,000 respectively. The firm has a cash flow balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. 1) The firm makes 20% of sales for cash, 60% are collected in the next month, and the remaining 20% are collected in the second month following the sale. 2) The firm receives other income of $2,000 per month. 3) The firms actual or expected purchases, all made for cash, are $50,000, $70,000, and $80,000 for the months of May through July, respectively. 4) Rent is $4,000 per month. 5) Wages and salaries are 105 of the previous months sales. 6) Cash dividends of $3,000 will be paid in June. 7) Payments of principal and interest of 4,000 is due in June. 8) A cash purchase of equipment costing$6,000 is scheduled in July. 9) Taxes of $6,000 are due in June