Consider the following information that will assist you in preparing a cash budget for XYZ COMPANY for the month of June: The cash balance on June 1" is expected to be $10,000. Revenue from sales Purchases (merchandise) May $35,000 $17,000 June $60,000 $32,000 Traditionally, 60% of all sales are cash sales collected in the same month as the sale; the remaining 40% of all sales are collected in the month following the sale. Also, 70% of the purchases of merchandise are paid for in the same month as the purchase; the remaining 30% of the purchases are paid for in the month following the purchase. Wages Depreciation Office supplies......... Utilities The following expenses are expected to be incurred in the month of June: $18,000 15,000 2,000 4,000 Additional Information: The company pays a commission to their sales manager of 5% on monthly sales revenue. The commission is paid in the month following the month to which it relates.