Prepare a cash budget for Queensland for the month of June. Cash Budget E11A. Citizens Produce Co-op is one of the biggest produce operations in northern Texas. Credit sales to retailers in the area constitute 80 percent of Citizens Produce's business; cash sales to customers at the company's retail outlet make up the other 20 percent. Collection records indicate that Citizens Produce collects payment on 50 percent of all credit sales during the month of sale, 30 percent in the month after the sale, and 20 percent in the second month after the sale. The company's total sales in May were $60,000; in June, they were $70,000. Anticipated sales in July are $75,000; in August, $80,000; and in September, $90,000. The company's produce purchases are expected to total $45,000 in July, $51,000 in August, and $60,000 in September. The company pays for all purchases in cash. Projected monthly costs for the quarter include $1,000 for heat, light, and power; $400 for bank fees; $2,000 for rent; $1,120 for supplies; $1,705 for depreciation of equipment; $1,285 for equipment repairs; and $500 for miscellaneous expenses. Other projected costs for the quarter are salaries and wages of $18,700 in July, $19,500 in August, and $20,600 in September. The company's cash balance at June 30 was $2,000. Effective July 1, the company has a new policy of maintaining a minimum monthly cash balance of $3,000 and can borrow from the bank in multiples of $100. Prepare a monthly cash budget for Citizens Produce Co-op for the quarter ended September 30. ACCOUNTING CONNECTION Should Citizens Produce anticipate taking out a loan during the quarter? If so, how much should it borrow, and when? Budgeted Income Statement Plenair, Inc., is located in France and organizes and coordinates art shows and auctions throughout the world. Its budgeted and actual costs for last year follow