The president of the fetailer Prime Products has just approached the company's bank wth o request for a $57,000,90-day ioan. The purpose of the loan is to assist the company in acquinng inventories. Becouse the company has had some difficulty in paying oif its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made The followhig dati are ovalloble for the months April through June, during which the loan will be used. a. On April 1, the start of the loan period, the cash balance will be $30.800 Accounts recewable on April 1 will total $159,600 of which \$136,800 will be collected during Apni and \$18,240 will be collected during May. The remainder will be uncollectible b. Past experience shows thot 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month lollowing sale. The other 2% is bad debts that are never collected Budgeted sales and expenses for the thre-month period follow c. Merchandise purchases are paid in full dunng the month following purchase Accounts poyable for merchandise purchases during Morch, which will be paid in Apnl, total $179.000 d. In preparing the cosh budget assume that the $57,000 loan will be made in Apeil and repaid in June. Interest on the foon will toral $920 Required: 1. Calculate the expected cashicollections for Aprit, May, and June, and for the three months in total 2 Prepare a cash budget, by month and in totol, for the three-month penod Required: 1. Calculate the expected cash collections for April. May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period. Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for April, May, and June, and for the three months in total