PROBLEM 23B See schedule for due date. Use working papers provided. Relevant data from 2017 operating budgets for Gleason Works Company are shown below: Sales revenue Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses April $450,000 100,000 140,000 115,000 80,000 May $600,000 170,000 150,000 95,000 80,000 All sales are on account. Collections are expected to be 40% in the month of sale, 50% in the first month following the sale, and 10% in the second month following the sale Forty-five percent (45%) of direct material purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred. Other data: 1. Credit sales: February 2017, $380,000; March 7 $400,000. 2. Purchases of direct materials: March 2017, $150,000. 3. Other receipts: April - Collection of notes receivable $10,000; May - Proceeds from sale of stock securities $5,000. Other disbursements: 4. The company's cash balance on April 1, 2017, is expected to be $75,000. The company wants to maintain a minimum cash balance of $50,000 Instructions (a) Prepare schedules for (1) expected collections from customers and (2) expected May - payment of $45,000 for truck, payments for direct materials purchases. (b) Prepare a cash budget for April and May in columnar form. (If money is borrowed ignore interest.)