Robots R Us is a midsize company at the cutting edge of technology. You were hired in May to manage their accounts department. The CEO has requested a Cash Budget for the month of June and accounts provided you with the following information: - May 31, cash balance $40,000 - Last month credit sales $180,000 - Projected Amortization expense $12,000 - Projected Sales in June ( 80% on credit) $250,000 - Historically the company collects 80% of the credit sales in the same month. - The remainder of the receivable is collected in the following month with a 2% provision for uncollectible - Administrative expenses of $45,000 to be settled in June - A small manufacturing equipment will be bought for $100,000 with a 10% down payment in June. Machine delivery is expected in August. - Raw material purchases are expected to be $156,000 of which 75% will be paid during the month and the remainder in the following month. - May 31 Accounts payable balance was $25,000. The company desire to maintain a $50,000 minimum cash balance on hand. Required: 1. Prepare the cash budget for the company for the month of June. 2. What is the maximum amount of cash dividend the company can pay assuming no bank covenants restricting such declaration