Question: Please correct the numbers with a red $"$X$"$ on the side. Thank you.

Assume Nordstrom prepares budgets quarterly The following information is available for use in planning the second quarter budgets for one of its stores (in thousands). NORDSTROM Balance Sheet March 31 Liabilities and Stockholders' Equity S 2,525 Merchandise purchases payable $2,400 Assets Cash Accounts receivable Inventory Prepaid Insurance Fixtures Total assets 2.040 3,400 150 3,000 $11,115 Dividends payable Stockholders' e ui 710 8,005 $11,115 Total liabilities ande ui Actual and forecasted sales for selected months in the upcoming year are as follows: Month (in thousands) Sales Revenue Februa March April _yay June ul Au ust $2,600 2,700 3,000 3,600 3,800 3,500 3,200 4,000 Monthly operating expenses are as follows: Wages and salaries $750 Depreciation Advertisin 'ther costs 75 55 350 Cash dividends for the store of $710 thousand are declared during the third month of each quarter and are paid during the first month of the following quarter. Operating expenses, except insurance, rent, and depreciation are paid as incurred. The prepaid insurance is for five more months. Cost of goods sold is equal to 60% of sales. Ending inventories are sufficient for 150% of the next month's cost of sales. Purchases during any given month are paid in full during the following month. Cash sales account for 50% of the revenue. Of the credit sales, 60% are collected in the next month and 40% are collected in the month after. Money can be borrowed and repaid in multiples of $100 thousand at an interest rate of 12% per year. The company desires a minimum cash balance of $2 million on the first of each month. At the time the principal is repaid, interest is paid on the portion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month. Money is never repaid at the end of the month it is borrowed. (d) Prepare a cash budget for each month of the second quarter ending June 30. Include budgeted borrowings and repayments Only use negative signs, if needed. for: excess receipts over disbursements, balance before borrowings and cash balances (beginning and ending). NORDSTROMS Monthly Cash Budget (in thousands) Quarter Ending June 30 Cash balance, be innin Receipts Disbursements Excess recei ts over disb. Balance before borrowin s Borrowin s Loan re a ments Cash balance, endin April 2,525 s 3,240 4,265 v (1 ,025) v 1 ,500 500 2,000 $ May 2,000 v s 3,580 3,335 245 2,245 245 x 2,000 x $ June 2,000 x s 3,610 3,165 v 445 V 2,445 x 268 x 2,177 v $ Total 6,525 x 10,430 10,765 (335) 6,190 x 500 513 6,177 x