The preparation of a cash budget srothers Inc. is a distributor of men's, women's, and children's shoes. The company imports shoes prim Aa Aa and sells them to specialty clothing and shoe stores around the country. The company's chief accountant has gathered the following information to aid in the preparation of a cash budget for the second quarter of year 2. April $2,900 1,128,280 15,080 Interest revenue from investments May $3,151 1,209,728 12,670 Estimated cash payment for manufacturing costs Interest payments on a line of credit Income tax payments Purchase of factory equipment for cash Selling and administrative expense cash payments Minimum cash balance Cash balance at beginning of month June $2,270 1,814,481 17,637 176,462 972,408 245,600 290,000 1,397,080 232,390 290,000 1,432,010 225,280 290,000 The company expects to collect cash on its accounts receivable during the three months, as follows: April: $3,166,400 .May: $3,145,640 June: $3,148,400 Complete the following cash budget for White Inc. by entering the appropriate values in the spaces provided. Note: This problem contains a check figure (V). Remember, a check figure gives you a value against which to gauge the accuracy of your answers up to that point. To access each month's check figure, click on the box in the check figure row. White Brothers Inc. Cash Budget For the Quarter Ending June 30, Year 2 May June Estimated cash receipts from 3,166,400 3,145,640 Collections on accounts receivable Interest revenue 2,270 Total cash receipts 3,169,300 3,150,670 Estimated cash payments for 1,128,280 232,390 Manufacturing costs Selling and administrative expenses Purchase of factory equipment Interest expense Income taxes 245,600 972,408 15,080 12,670 Total cash payments 3,226,588 269,103 Cash increase (decrease) Cash balance at beginning of month Cash balance at end of month (V) Minimum cash balance Excess (deficiency) 303,550 290,000 603,205