Problem 18-11 Calculating the Cash Budget Here are some important figures from the budget of Cornell,Inc, for the second quarter of 2017 Credit sales Credit purchases Cash disbursesents $31e,8e0 $298,8e0 $35e,90 118,000 141,00 166,00 Wages, taxes, and expenses Interest Equipment purchases 43,000 10,50062,00 1e,e6018,e1, e,eee The company predicts that 5 percent of its credit sales will never be collected, 30 percent of its sales will be collected in the month of tne sale, and the remaining 65 percent will be collected in the following month, Credit purchases will be paid in the month following the purchase In March 201, credit caies were st80.000, nd creait purchases were $120000 using tnis informanion, complete the folowing cash budget (Do not round Intermediate calculetions) April May 111,90 Segineing cash balance Cash recespts Cash colLections fron credit sale otal cash available Cash disbursements ages aesespee Louipeent purchases otal cash disbuesenents ndang cash palance