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: a. Cash balance on June 1 -is $1,366. b. Actual sales for April and May are as follows: c. 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 uncoliectible. d. Inventory purchases average 66% 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 foliowing menth. e. Salaries and woges total $11,750 per month, including a $4,500 salary paid to the owner. 1. Rent is 54,500 per month. 9. 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 554,000 for June. No minimum cash balance is required. The owner of the company doesn't have access to short-term loans. Cash Budget For June Beginning cash balance Collections: Cash sales Credit sales: Current month x % 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