Page 3 The expected sales for Sullivan swimsuits in the month of June are s40,000. Brenda, the ovner, gives credit to a select group of customers (40 percent of sales), but all others must p ent of Brenda 's credit customers pay her the month after the sale, 20 percent pay the following month, and the remaining credit customers never get around to paying her. Brenda pays cash for 15 percent of her purchases. The other 85 percent she pays off by the end of the next month. Brenda's operating expenses are paid after incurrence. Her operating expenses are about $5,000 each month, $500 of which is depreciation Selling expenses have a fixed and a variable component. The fixed is $1,000 a month, and the variable is 5 percent of sales Brenda began June with $6,000 in cash. NOTE: Only the June's cash budget is required If it is easier for you, you can prepare the cash budgets for April& May also. Only June will be graded Sales Purchases Apr il May June $20,000 30,000 40,000 $14,000 17,000 23,000 Prepare a cash budget to determine Brenda's ending balance for June