s Problem 7-07A You are provided with the following information taken from Marin Inc.'s March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,610 22,920 37,440 120,700 23,340 151,300 12,240 Additional information concerning Marin Inc. is as follows. 1. Gross profit is 27% of sales. 2. Actual and budgeted sales data: March (actual) $46,700 April (budgeted) 71,900 3. Sales are both cash and credit. Cash collections expected in April are: March $18,680 (40% of $46,700) April 43,140 (60% of $71,900) $61,820 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cashd $61,820 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in Purchases March $23,340 Purchases April 28,340 $51,680 ly 5. Cash operating costs are anticipated to be $11,880 for the month of April. 6. Equipment costing $2,700 will be purchased for cash in April 7. The company wishes to maintain a minimum cash balance of $12,060. An open line of credit is available at the bank. All borrowin at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 12% per year, and inter expense is accrued at the end of the month and paid in the following month. Prepare a cash budget for the month of April. Determine how much cash Marin Inc. must borrow, or can repay, in April. MARIN INC. Cash Budget OURCES MARIN INC. Cash Budget Chapter -10 ey Study