Question 6 (11 points) Paradise company has the following budgeted sales for the second quarter of 2022: Budgeted Sales April $60,000 May $80,000 June $100,000 Sales are 100% on account, collected 80% in the month of the sale and the remainder in the month following the sale. The company requires a minimum cash balance of $8,000 to start each month. There is no balance on the line of credit, and interest is paid the following month. The beginning cash balance in June is budgeted to be $18,200. The following additional information has been provided for June: Operating expenses (paid in June), excluding depreciation Depreciation expense $33,000 $9,000 Inventory purchases (40% paid in current month, 60% in following month) $45,000 May accounts payable balance to be fully paid in June $12,000 $60,000 Equipment purchased and paid in June Required: 1. Prepare a cash budget for the month of June 2022. (8.5 marks) 2. Determine the dollar amounts that will appear on the budgeted balance sheet on June 30, 2022 for Cash, Accounts Receivable and Accounts Payable. (2.5 marks)