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Cash Budget (15 points) Prepare a cash budget for Digby Corp for the month of June 2016. In May, 30-day credit sales were $175,000; 80% of this amount is estimated to be collectible in June. June sales are estimated to be $425,000; cash sales are usually 25%of total sales. Only 10% of credit sales are collected in the month in which the sale is made. Total fixed expenses are $60,000 per month,including $26,000 depreciation. Variable expenses are 55% of sales. All expenses requiring payment are paid in cash when incurred. A $40,000 note payable must be paid on June 30. As of May 31, the cash balance is $94,000