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Problem 7-07A You are provided with the following information taken from Tamarisk, Inc.'s March 31, 2022, balance sheet. Cash Accounts receivable $ 12,330 24,310 Inventory 37,110 Property, plant, and equipment, net of depreciation 123,800 Accounts payable 23,400 Common stock 152,000 Retained earnings 11,890 Additional information concerning Tamarisk, Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,900 72,900 3. Sales are both cash and credit. Cash collections expected in April are: March $19,160 (40% of $47,900) April 43,740 (60% of $72,900) $62,900 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected Purchases March $23,400 Purchases April 28,980 $52,380 Cash operating costs are anticipated to be $12,320 for the month of April. Equipment costing $2,640 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12.930. An open line of credit is available at the bank. All borrowin are made at the end of the month. The interest rate is 15% per year, and interest expense is accrued at the end of the month an al in the month of April. Determine how much cash Tamarisk, Inc. must borrow, or can repay, in April CALCULATOR Equipment costing 52,640 will be purchased for cash in April The company wishes to maintain a minimum cash balance of $12,930. An open line of credit is available at the bank. All borrowing is done at the beginning are made at the end of the month. The interest rate is 15% per year, and interest expense is accrued at the end of the month and paid in the following mont Prepare a cash budget for the month of April. Determine how much cash Tamarisk, Inc. must borrow, or can repay, in April tudy TAMARISK, INC. Cash Budget