Q3. The Alex plc, a merchandising firm, has planned the following sales for the next four months: March $50000 April May June $60000 $70000 $90000 Total budget sales Sales are made 40% for cash and 60% on account. From experience, the company has learned that a month's sales on account are collected 70% in the month of sale, 20% in the first month following sale, 8% in the second month following sale and 2 % in uncollected. Assume the following budgeted data for June also occurred in cash: Purchases $52000 Selling and administrative expenses $10000 Depreciation $8000 Equipment purchase $15000 Cash balance, beginning of June $6000 Using this data above, prepare a cash budget for the month of June. The company requires a minimum cash balance of $4,000 to start a month. Clearly show any borrowing needed during the month in the budget. No interest will be paid for the loan taken (Show all the calculations)