Question 1 (10 points) Below is the budget information for Reid Limited. Beginning cash balance on June 1: $25,000 Cash receipts from sales: 60% are collected in the month of sale, 40% in the next month. . The following amounts are actual and budgeted sales: April $800,000 May $620,000 o June $730,000 Payments on purchases: 70% in the month of purchase and 30% in the month following purchase. The following amounts are actual and budgeted merchandise purchases: May $320,000 June $260,000 Budgeted cash disbursements for salaries in June: $87,000 May >32UUUU June $260.000 Budgeted cash disbursements for salaries in June: $87,000 Budgeted depreciation expense on long-lived assets for June: $6,000 Other cash expenses budgeted for June: $65,000 - Bank loan interest due in June: $4,600 Required: 1. What is the budgeted amount of cash to be collected from customers in June? (2 marks) 2. What is the budgeted amount of cash to be paid for direct materials in June? 2 marks) 3. Prepare a cash budget for the month of June to arrive at the expected cash balance on June 30. 6 marks) Show of your work. Make sure to label everything so the marker can easily follow and grade your work All calculations should be shown using the following symbols: add (), subtract (-) - e - OOO