The owner of a small mining 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 $500. b. Actual sales for April and May are as follows: April Cash sales $20,000 $35,000 Credit Sales 15,000 15,000 Total Sales $35,000 $50,000 May. c. Credit sales are collected over a three-month period: 50% in the month of sale, 30% in the month after the sale and 15% in the second month after the sale. The remaining sales are uncollectible. d. Inventory purchases average 50% of the month's total sales. Of those purchases, 50% are paid for in the month of purchase. The remaining 50% are paid for in the month after the purchase. e. Salaries and wages total $9,000 per month and are paid in that month. f. Rent is $1,000 per month and is paid that month. g. Taxes to be paid in June are $6,000. The owner also tells you that he expects cash sales of $40,000 in June and credit sales of $20,000. There is no minimum cash balance required. The owner of the company does not anticipate any loans or equipment purchases. Prepare a cash budget for June. (Show your work)