The owner of a building supply company has requested a cash budget for June. After examining the records of the company, yo the following: a. Cash balance on June 1 is $736. b. Actual sales for April and May are as follows: c. month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to wh owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. 7 remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $4,100 per month. g. 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 required. The owner of the company doesn't have access to short-term loans. Required: 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations an Cash Budget For June Beginning cash balance Collections: Cash sales Credit sales: Current month $ % May credit sales $ % April credit sales Total cash available Less disbursements: Inventory purchases: Current month $ % Prior month 2. Conceptual Connection: Did the business show a negative cash balance for June