The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019.

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019
Assets
Cash	$	59,000
Accounts receivable		487,500
Raw materials inventory		93,010
Finished goods inventory		433,000
Total current assets		1,072,510
Equipment		638,000
Accumulated depreciation		(169,000	)
Equipment, net		469,000
Total assets	$	1,541,510
Liabilities and Equity
Accounts payable	$	215,410
Short-term notes payable		31,000
Total current liabilities		246,410
Long-term note payable		530,000
Total liabilities		776,410
Common stock		354,000
Retained earnings		411,100
Total stockholders equity		765,100
Total liabilities and equity	$	1,541,510

1. Monthly general and administrative expenses include $34,000 administrative salaries and 0.8% monthly interest on the long-term note payable.
2. The company expects 25% of sales to be for cash and the remaining 75% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale).
3. All raw materials purchases are on credit, and no payables arise from any other transactions. One months raw materials purchases are fully paid in the next month.
4. The minimum ending cash balance for all months is $98,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.
5. Dividends of $29,000 are to be declared and paid in May.
6. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter.
7. Equipment purchases of $149,000 are budgeted for the last day of June.

Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.): 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet.

General and administrative expense budget.

ZIGBY MANUFACTURING
General and Administrative Expense Budget
April, May, and June 2019
	April	May	June	Total
Salaries	$34,000	$34,000	$34,000	$102,000
Interest on long-term note
Total budgeted G&A expenses	$34,000	$34,000	$34,000	$102,000