QUESTION 3 The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter April June Sales $110,000 S130,000 $180,000 Merchandise purchases 585 000 $92,000 S105.000 Selling and administrative expenses $50,000 $50.000 550.000 All sales at McCracken are on credit Forty percent are collected in the month of sale 58% in the month follow purchase. The selling and administrative expenses above include 58.000 of depreciation on display fixtures and balance of $15,800. Any amount below this can be borrowed from a local bank as needed at a quarterly interest ra Required: Prepare McCracken's cash budget for May McCracken expects to have $25.000 of cash on hand at the beginning Please use the following table to answer this question McCracken Plumbing Supply Cash Budget for May 16 points Save Answer th following the sale, and the remaining 2% are uncollectible Merchandise purchases are paid in full the month following the month of res and warehouse equipment All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash terest rate of 3%. All borrowings are made at month end and payments of loans, or any part of loans, of month end as well eginning of May Show you work