The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter: April $110,000 $130,000 $85,000 $50,000 May June Sales. Merchandise purchases Selling and administrative expenses... $180,000 $105,000 $50,000 $92,000 $50,000 All sales at McCracken are on credit. Forty percent are collected in the month of sale, 58% 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 balance of $15,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end paid as incurred. McCracken wants to maintain a cash Required: Prepare McCracken's cash budget for May. McCracken expects to have $24,000 of cash on hand at the beginning of May