Required information Annie's Homemade is preparing a cash budget for May. Its beginning cash balance is $60,000 and May's estimated gross cash receipts from customers are $38,520. The company's estimated cash disbursements are summarized as follows: - A total of 70% of the gross cash receipts come from customers who pay with a credit card instead of cash. Annie's pays a credit card processing fee equal to 2.6% of the gross cash receipts it charges to a credit card. At the end of each day, all cash associated with credit card purchases funnels into Annie's Homemade's bank account. In other words, there are no accounts receivable at the end of each day. - The gross cash receipts include two components (1) gross sales, and (2) sales tax equal to 7% of gross sales. - Annie's pays a franchise fee equal to 5% of gross sales, where gross sales are defined as gross cash receipts minus sales tax. - Ingredient costs are 25% of gross sales and the company's beginning and ending inventories do not change. - The labor cost incurred and paid in May (including both salaried and hourly employees) is $16,000. - Other cash disbursements (including rent, utilities, payroll processing, liability insurance, website hosting and maintenance, social media management, etc.) are $4,200 per month. In addition, Annie's has $105,000 in noncurrent assets that it depreciates over a five-year useful life with no salvage value. Required: 1. Prepare a cash budget for May. 2. What is May's estimated net operating cash inflow (outflow)? Complete this question by entering your answers in the tabs below. Prepare a cash budget for May. What is May's estimated net operating cash inflow (outflow)