The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following:

1. Cash balance on June 1 is $1,486.
2. Actual sales for April and May are as follows:AprilMayCash sales$10,000$18,000Credit sales28,90035,000Total sales$38,900$53,000
3. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible.
4. Inventory purchases average 68% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month.
5. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner.
6. Rent is $5,500 per month.
7. Taxes to be paid in June are $6,780.

The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company doesn't have access to short-term loans.

Required:

1.Make a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dollar. Be sure to enter percentages as whole numbers.