Preparation of a Cash Budget Javert Company provided the following information about its operations in May and June. The cash balance on June 1 is $39,000. Actual sales for May and estimated sales for June are as follows: June Cash sales $ 50,000$ 70,000 Credit sales are collected over a two-month period based on the following estimates: Purchases of inventory will total $360,000 for June. Half of the purchase is paid during the month of the purchase, and the other half is paid in the month following the purchase. The accounts payable remaining from May's inventory purchases total $145,000, and all of it will be paid in June. Selling and administrative expenses are budgeted to be $95,000 for June, and this amount already includes $15,000 for monthly depreciation. A purchase of equipment with cash that costs $32,000 is planned near the end of June. Cash dividends of $8,000 will be paid during June. The company maintains a minimum cash balance of S15,000. An open line of credit of up to $300,000 is available from the company's bank as needed. On June 1, there were no borrowings on this line of credit