The following information is available for the Barkery, a gourmet pet food and toy store: 1. Balance sheet information as of March 31, 2019: Current Assets S 25,000 49,910 30,000 90,000 Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable 46,800 1,560 52,000 70,000 24,550 Notes Payable Common stock Retained earnings 2. Recent and anticipated sales: February March April May June $90,000 $80,000 $95,000 $105,000 $100,000 3, Credit sales: Sales are 70% for credit and 30% cash. Assume that the credit accounts are collected 20% within the month of sale, 70% within the month following the sale, 9% within the second month following the sale and 1% is uncollectible and written off immediately as a bad debt. 4. Cost of goods sold is 65% of sales. We pay for 10% of the purchases in the month of purchase and the remaining 90% of the purchases in the month following the purchase. 5. Inventory is equal to $30,000 at all times. 6. Operating costs: Salaries and wages average 10% of monthly revenues, other monthly operating costs are $7,000. Assume that these costs are paid out each month. In additiorn to the above costs, depreciation is $500 per month 7. The note payable is due on June 30, 2020. Accrue monthly interest at 4% per annum that will be paid with the note payable balance on June 30, 2020. 8. Assume that a minimum cash balance of $20,000 must be maintained. Assume also that all borrowing is effective at the beginning of the month and all repayments are made