Prime Products hopes to borrow $$73,000$ on April $1$ and repay it plus interest of $$1,080$ on June $30.$ The following data are available for the months April through June, during which the loan will be used:

On April $1,$ the start of the loan period, the cash balance will be $$41,800.$ Accounts receivable on April $1$ will total $$182,000,$ of which $$156,000$ will be collected during April and $$20,800$ will be collected during May. The remainder will be uncollectible.

The company estimates $30\%$ of a month$$s sales are collected in the month of sale, $60\%$ in the month following sale, and $8\%$ in the second month following sale. The other $2\%$ are bad debts that are never collected. Budgeted sales and expenses for the three$-$month period follow:

April May June

Sales $($all on account$)$ $ $316,000$ $ $575,000$ $ $264,000$

Merchandise purchases $ $214,000$ $ $193,000$ $ $151,500$

Payroll $ $34,200$ $ $34,200$ $ $27,300$

Lease payments $ $31,600$ $ $31,600$ $ $31,600$

Advertising $ $74,000$ $ $74,000$ $ $43,000$

Equipment purchases $$ $ $70,500$

Depreciation $ $31,000$ $ $31,000$ $ $31,000$

Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total $$175,000.$

Required:

Calculate the expected cash collections for April, May, and June, and for the three months in total.

Prepare a cash budget, by month and in total, for the three$-$month period. Assume the $$73,000$ loan is made on April $1$ and repaid with interest on June $30.$