Sales for Gilmore Corp are as follows: February $120,000, March $150,000, April $175,000, May $180,000, and June $190,000. Cash sales are 40% and Credit 60%. They collect 10% in the month of the sale, 70% in the month following the sale and the remaining 20% 2 months following the sale.

Gilmore purchases their raw materials in the month of the sale and pays for them the next month They are equal to 60% of sales.

Other expenditures are $12,000 a month for rent, other expenses of $5,000 per month. The company plans a capital expenditure in May of $50,000. They plan to partially finance this with a bank loan of $25,000. Quarterly tax payments are made starting in March for $8,000. They have a balloon loan payment due in June for $100,000. Prepare a cash budget for April through June with a beginning cash balance of $10,500.