Prepare a cash budget for Barber Company for the month of May of this year. The following information about the company's operations are as follows: a. The ending cash balance for April was $45,000. b. Actual sales for April were $500,000 and estimated sales for May are $650,000. c. 5% of April's sales were cash and the same is expected for May. Accounts receivable collection pattern is to receive 65% in the same month of the sale and 20% is received in the month following the sale. d. Purchase of inventory for April was $350,000 and for May it is estimated to be $490,000. Purchases are paid in cash in the month of purchase. e. Selling and administrative expenses are expected to be 180,000 which includes $10,000 in depreciation expense. I f. Dividends in April were $5,000 and will be paid in May. g. The company must maintain a cash balance of 35,000 and has ready access for short term loans to finance cash deficiencies. Required: 1. Prepare a schedule of cash collected for the budgeted month. (5 Marks) 2. Prepare a cash budget, including borrowings if needed for the month. (10 Marks)