Problem 7-7A You are provided with the following information taken from Marin Inc.s March 31, 2017, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,990 23,790 36,150 121,900 22,900 150,300 12,040 Additional information concerning Marin Inc. is as follows 1. Gross profit is 25% of sales 2. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 71,900 3. Sales are both cash and credit. Cash collections expected in April are: March April $18,880 43,140 $62,020 (40% of $47,200) (60% of $71,900) 4 Half of a month's purchases are naid for in the month of purchase and half in the following month, Cash disbursements expected in April are