The cash balance, May 31, 20X4, is $16,000. Sales proceeds are collected as follows: 80% the month of sale, 10% the second month, and 10% the third month. Accounts receivable are $44,000 on May 31, 20X4, consisting of $24,000 from April sales and $20,000 from May sales. Accounts payable on May 31, 20X4, are $148,000. Carlson Company pays 20% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. Requirement 1. Prepare a cash budget for June. Confine your analysis to the given data. Ignore income taxes. Requirement 1. Prepare a cash budget for June. (Round your answers to the nearest whole number.). Carlson Company Cash Budget For the Month Ended June 20, 20X4 16,000 (In thousands) Beginning Cash, May 31, 20X4 Cash Reciepts: Collections from customers from: June sales May sales April sales Total cash available during June Data Table $ 325 Sales $ $ 57 Inventory, May 31 196 Purchases Available for sale 253 53 Inventory, June 30 200 Cost of goods sold Gross margin 125 Operating expenses: Wages $ 34 Utilities 11 Advertising 12 Depreciation 6 Office expenses 5 8 76 Insurance and property taxes 49 Operating income Carlson Company Budgeted Income Statement for the Month Ended June 30, 20X4 (in thousands)