Spaulding Enterprises has budgeted sales revenues as follows: Credit sales Cash sales Total sales $135,000 90,000 90,000 195,000 285.000 $125,000 255.000 $380.000 Past experience indicates tat 65% of the credit sales will be collected in the month of sale and the remaining 35% will be collected in he flowing morth Purchases of inventory are all on credit and 60% is paid in the month of purchase and 40% in the month following purchase Budgeted inventory puchases are: April May June $320,000 255,000 35,000 dividends of $135,000 will be paid in May, and (c) purchase 56% interest if when there is an excess cash balance. The beginning cash balance on May Other cash disbursements budgoted ()seling and administralive expenses of $62,000 each month, (0) of equipment in June for $70,000 cash The company wishes to maintain a minimum cash balance of $80,000 at the end of each month. The company borrows money from the bank at necessary to maintain the minimum cash balance. Borrowed money is repaid i in months was $46,400. Assume that borrowed money in this case is for one month Instructions Prepare a cash budget for the months of May and June. Prepare separate schedules for expected collections from customers of inventory. REQUIRED: Present the analysis in a table