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QUESTION 1 The city of Charleston had the following sales of water for the selected months of 2017: Month February Sales $50,000 45,000 March April 60,000 May 42.500 June 70.000 July 120,000 All sales are on credit. Historically, 50 percent is collected in the month of sale, 35 percent during the first month following the sale, and 15 percent in the second month following the sale. Water purchases by month are as follows: Month Sales February $37,500 March 33.750 April 45,000 31,875 May June July 52,500 9) Water is purchased in the month of sale. All purchases are paid during the month following the purchase. Operating costs are $18,000 and everything is paid in cash except for depreciation, which totals $8,000 a month. The city plans on purchasing some new equipment in May for $25,000 in exchange for a noile payable. The April 1 cash balance is expected to he $5,000. The city must maintain a minimumn cash balance of $10.500, and money can be borrowed from a local bank in increments of $1,000. The city borrows money ant the beginning on the first day of the month and repays loans and interest on the last day of the month. The bank charges the city an annual interest rate of 15%. Required: Prepare a cash budget for April, May, June and in for the quarter, and based on your answer complete the following table: Round to the nearest dollar and DO NOT enter decimals, or commas and if a zero needs to be entered, enter"O". April $ 5,000 May $ 14,500 June $10,500 Quarter $ 5,000 Beginning Cash Balance Cash Collections Water disbursements Operating Costs Borrowings Repayments Interest Ending cash balance $ 14,500 $ 10,500 $25,450 $ 25,450