The balance sheet of Phototec, Inc., a distributor of photographic supplies, as of May 31 is given below: Phototec, Inc Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 9,750 65,000 32,500 542,750 Total assets 650,000 Liabilities and Stockholders' Equity Accounts payable Note payable Capital stock Retained eanings $ 78,000 14,300 479,700 78,000 Total liabilities and stockholders' equity 650,000 The company is in the process of preparing a budge t for June and has assembled the following data Sales are budgeted at $264,000 for June. Of these sales, $80,000 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected the following month. All of the May 31 accounts receivable will be collected in June Purchases of inventory are expected to total $193,000 during June. These purchases will all be on account. Sixty percent of all inventory purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June a. b. c. The June 30 inventory balance is budgeted at $37,000 d. Selling and administrative expenses for June are budgeted at $33,000, exclusive of depreciation. These e. The note payable on the May 31 balance sheet will be paid during June. The company's interest f. New warehouse equipment costing $8,000 will be purchased for cash during June expenses will be paid in cash. Depreciation is budgeted at $3,000 for the month expense for June (on all borrowing) will be $700, which will be paid in cash. for that amount. The new note will be due in one year g. During June, the company will borrow $22,000 from its bank by giving a new note payable to the bank