Prepare a cash budget for the month of April. Determine how much cash Washburne Inc. must borrow, or can repay, in April. Problem 7-6A You are provided with the following information taken from Washburne Inc.?s March 31, 2012, balance sheet. Cash $ 11,649 Accounts receivable 22,752 Inventory 36,764 Property, plant, and equipment, net of 122 364 depreciation ? Accounts payable 22,584 Common stock 151,220 Retained earnings 12,470 Additional information concerning Washburne Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $46,909 April (budgeted) 73,145 3. Cash collections expected in April are: March $18,764 (40% of $46,909) April 43,887 (60% of $73,145) $62,651 4. Half of a month?s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,584 Purchases April 28,451 $51,035 5. Cash operating costs are anticipated to be $11,624 for the month of April. 6. Equipment costing $2,754 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $12,101. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 13% per year, and interest expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Washburne Inc. must borrow, or can repay, in April