Requirement 1. Prepare a cash budget for June. (Round your answers to the nearest whole number.) $ Crandell Company Cash Budget For the Month Ended June 20, 20X4 (In thousands) Beginning Cash, May 31, 20X4 Cash Reciepts: Collections from customers from: June sales May sales April sales Total cash available during June $ Cach Dichurchante. 140 Cash Disbursements: On accounts payable of May 31 On June purchases Wages 3 Utilities Advertising Office expenses Ending Cash, June 30, 20X4 Consider the budgeted income statement for Caroll Company for June 20X4. (Click the icon to view the income statement.) The cash balance, May 31, 20X4, is $14,000. Sales proceeds are collected as follows: 90% the month of sale, 5% the second month, and 5% the third month. Accounts receivable are $62,000 on May 31, 20X4, consisting of $24,000 from April sales and $38,000 from May sales. Accounts payable on May 31, 20X4, are $140,000. Caroll Company pays 15% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. x Data Table Sales $ 305 Inventory, May 31 $ 66 199 Purchases Available for sale 265 53 Inventory, June 30 212 Cost of goods sold Gross margin $ 93 $ 35 Operating expenses: Wages Utilities Advertising Depreciation 6 11 5 Office expenses 5 3 65 Insurance and property taxes $ 28 Onerating income Clear All Check