Prepare Cash Budget From Budgeted Transactions Prepare a cash budget for the month ended May 31. 2016. Campton Company anticipates a cash balance of $84,000 on May 1, 2016. The following budgeted transactions for May 2016 present data related to anticipated cash receipts and cash disbursements: For May, budgeted cash sales are $60,000 and budgeted credit sales are $500,000. (Credit sales for April were $450,000.) In the month of sale. 40% of credit sales are collected, with the balance collected in the month following sale. Budgeted merchandise purchases for May are $280,000. (Merchandise purchases in April were $240,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month. Budgeted cash disbursements for salaries and operating expenses for May total $165,000. During May, $25,000 of principal and $4,000 of interest payment are due to the bank. A$20,000 income tax deposit to the federal government during May. A new delivery truck will be purchased during May for $6,000 cash and an $8,000 note payable. Depreciation for May will be $500 Prepare a cash budget for Campion Company for the month of May 2016