The owner of a bullding supply compeny has requested a cesh budget for June. After examining the records of the company, you find the following: 3. Cash balance on June 1 is $1,186. b. Actual sales for April and May are as foliows: c. Credit sales are cotlected over a 3-month period: 40% in the month of salo, 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. d. Inventory purchases average 60% of a month's total sales. Of those purchases, 20 b are paid for in the month of purchase. The remaining a0\%il are paid for in the foliowing manth: e. Salaries and wages total 511,750 per month, including a 54,500 salary poid to the owner. f. Rent is 55,500 per month. 9. Taxes to be paid in June are 56,700 . The owner also tells you that he expects cash sales of $18,600 and credit ssles 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. Prepare a cash budger for Sune. Inclode supporting schedules for cash collections and cash paymonta, Round colculations and final answers to the nearest dollae. Be sure to enter percentages as whole numbers. Cash sales Credit sales: Current month if May credit May credit sales % Aphil creait sales Less dibburkiments: inventory purchases: Current month Prior manth Salaries and wages Rent Taxes Total cash needs Excess of cash available over needs 2. Conceptual Connection: Did the business show a negative cash balance for June