QUESTION 1 19 MARKS Perry Company has gathered the following information: April 30, cash balance, $90,000 Accounts Receivable, May 31 32,000 Dividends paid in May, $24,000 Cash expenditures in May for operating expenses, $73,600 Amortization expense in May, $9,000 Cash collections in May, $173,000 Bad Debts Expense $2,500 Merchandise purchases paid in cash in May, $112,400 Purchased equipment for cash in May, $35,000 Accounts Payable, May 31 16,000 Perry desires to keep a minimum cash balance of $20,000. Required: Prepare a cash budget for May, and indicate whether or not Perry meets minimum cash requirements