The following information is provided to assist in the preparation of the Cash Budget for TSA Ltd. for June, 2012: The cash balance at 1 June, 2012 is $30,000 All sales are on credit March April May June . Actual/Budgeted Sales $ 140,000 120,000 130,000 155,000 Budgeted Purchases $ Cash collections from credit customers are: 70% in the month following the sale 20% in the second month following the sale 10% in the third month following the sale All purchases are made on credit and payments are made as follows: 60% of purchases are paid for in the month of purchase 40% of purchases are paid for in the month following the purchase. 72,000 64,000 68,000 82,000 Selling and administrative expenses each month are $24,000 plus 15% of sales for that month. This includes $6,000 per month for depreciation. Equipment costing $35,000 is expected to be bought in May and paid for in June Required: (i) Prepare a schedule of cash collections for the month of June, 2012. (ii) Prepare a cash budget for the month of June, 2012.