The balance sheet of Snapshot, Inc, a distributor of photographic supplies, as of May 31 is given below: Snapshot, Inc Balance Sheet May 31 Assets $ 6,000 90,000 38.000 680,000 Cash Accounts recaivable Buildings and equipment, net of depreciation Total assets $ 814,000 Liabilities and Stockholders' Equity Accounts payable Note payable Capital stock Retained earnings $ 81.000 33.000 600,000 100,000 Tolal liabilities and stockholders' equity $ 814,000 The company is in the process of preparing a budget for June and has assembled the following data a. Salos are budgeted at $440,000 for June. Of these salos, $65,000 will be for cash, the romainder wil 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 b. Purchases of inventory are expected to total S350,000 during June. These purchases will all be on account Forty 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 The June 30 inventory balance is budgeted at $40,000 c d. Selling and administrative expenses for June are budgeted at $77,000, 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 $13,000 will be purchased for cash during June oxpenses will be paid in cash. Doprociation is budgeted at $3,800 for the month. expense for June (on all borrowing) will be S700, which will be paid in cash g. During June, the company will borrow $36,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year Required: 1a. Prepare schedule of expected cash collections from sales and a schedule of expected cash disbursements for inventory purchases. Snapshot, Inc. Schedule of Expected Cash Collections Cash sales-June May 31 balance June Total cash receipts Snapshot, Inc. Schedule of Expected Cash Disbursements May 31 accounts payable balance June purchases Total cash payments