The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter: All sales at McCracken are on credit. Forty percent are collected in the month of sale, 5896 in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and administrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment "All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000 A borrowings are made at month end, April Hay une Sales 5110 000 $130 000 STBODO Merchandise purchases 1985 000 592 $100,000 Salling and administrative expenses 550.000 ODO 550.000 Required: Prepare Me Crackers cash budget for May. Mietrecken expect to have $24.000 of cash on hand at the beginning of May