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OJ Small Company needs a cash budget for the month of April, 2016. The company's controller has provided you with the following information and assumptions": 1. The April 1, 2016 cash balance is expected to be $13,000. . 2. All sales are on account.- Credit sales are cellected over a three-month period50 percent in the month of sale, 40 percent in the month following sale and 10 percent in the second month following sale. Actual sales for February and March were $120 000 and $80 000 respectively. April's sales are budgeted at $78, 000.: 3. Marketable securities are expected to be sold for $15,000 during the month of April. 4. The controller estimates that. direct materials totalling $73,000 will be purchased during April. 80 percent of a month's raw materials purchases are paid in the month of purchase with the remaining 20 percent paid' In the following month. Accounts payable for March purchases total 510 000 which will be paid In April 5. During April direct labour costs are estimated to be $21 000. ' 6. Manufacturing overhead Is estimated to be 40 percent of direct labour costs, Further, the controller estimates that approximately 20 percent of the manufacturing overhead' Is depreciation on the factory building and equipment 7. Selling and administrative expenses are budgeted at $22 000 for April. Of this amount $4 000' Is for depreciation 8. During April OJ Small Company plans to buy a new delivery van costing $24 000. The company will pay cash for the van. 9. 01 Small Company owes $31, 000 in income tax which must be paid' In April. 10. DJ Small Company must maintain a minimum cash balance of $12, 000 To bolster the cash position as needed, an open line of credit [S available from the bank Required: Prepare the following: a] A schedule of cash collections for April 5 marks b) A schedule of cash payments for raw materials for April. 4 marks c) A cash budget for the month of April. Indicate In the financing section any borrowing that will be necessary during the month. 15 marks