The information below is taken fromHay Inc's March 31, 2022, balance sheet.

Cash $11,780

Accounts receivable 20,690 Inventory 36,600

Property, plant, and equipment, net of depreciation 121,000

Accounts payable 23,210 Common stock 151,600 Retained earnings 12,370

Additional information concerningHay Inc.:

1)Gross profit is26% of sales.

2)Actual and budgeted sales data:March (actual)$47,200

April (budgeted)71,300

3)Sales are both cash and credit. Cash collections expected in April are:

March $18,880 (40% of $47,200)

April 42,780 (60% of $71,300)

Total $61,660

4)Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are:

Purchases March $23210

Purchases April $28660

Total $51,870

5)Cash operating costs are anticipated to be $11,940for the month of April.

6)Equipment costing $2,790will be purchased for cash in April.

7)The company wishes to maintain a minimum cash balance of $12,610. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is14% per year, and interest expense is accrued at the end of the month and paid in the following month.

Draw up a cash budget for the month of April. Determine how much cashTask Corp.must borrow, or can repay, in April.

In drawing up the cash budget, put in entries for: Collections from customers, Cash Sales, Total Receipts, Total available Cash, April Cash purchases, Cash operating costs, Equipment purchase, Payment of March purchases, Total Disbursements, Excess(deficiency) of available cash over disbursements, Borrowings, Repayments.