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5 Problem 8-23 Schedule of Expected Cash Collections, Cash Budget [LO8-2, LO8-8] The president of the retaller Prime Products has Just approached the company's bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company In acquiring Inventorles. Because the company has had some difficulty In paying off its loans In the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: 3.33 points eBook a. On Aprll 1, the start of the loan period, the cash balance wil be $26,000. Accounts recelvable on April 1 will total $155,850, of which $137,000 will be collected during April and $13,500 will be collected during May. The remalnder will be uncollectible. b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% In Print the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three- month perlod follow References Sales (all on account) Merchandise purchases Payroll Lease payments Advertising Equipment purchases Depreciation $ 375,8ee 412,808 336,8e8 $ 238,8ee 155,808 172,808 $ 18,8ee 18,888 22,588 $ 24,488 24,488 24,488 $ 74,8ee 74,888 58,428 186,5ee $ 17,8ee 17,808 17,8e8 C. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be pald In April, total $166,500 d. In preparing the cash budget, assume that the $30,000 loan will be made in April and repald In June. Interest on the loan will total $900 Requlrec 1. Calculate the expected cash collections for April, May, and June, and for the three months In total. 2. Prepare a cash budget, by month and In total, for the three-month period. Complete this question by entering your answers in the tabs below Required 1Required 2 Calculate the expected cash collections for April, May, and June, and for the three months in total Ma Quarter Total cash collections Required2 >