Cash Receipts from Customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April $ 2 , 010 Mason's beginning cash balance is $5 , 500 and Mason desires to maintain a minimum ending cash balance of $5 , 500 . Mason borrows cash as needed at the beginning of each month in increments of $1 , 000 and repays the amounts borrowed in increments of $1 , 000 at the beginning of months when excess cash is available. The interest rate on amounts borrowed is 17% per year. Interest is paid at the beginning of the month on the outstanding balance from the previous month. Consider the following June actual ending balances and July 31,2024 budgeted amounts for Octovios: (i) (Click the icon to view the information.) Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) More info June 301 a. June 30 Merchandise Inventory balance, $17 , 760 b. July purchase of Merchandise Inventory, $4 , 700 , paid in cash c. July payments of Accounts Payable, $8 , 200 d. June 30 Accounts Payable balance, $10 , 600 e. June 30 Furniture and Fixtures balance, $34 , 200 ; Accumulated Depreciation balance, $29 , 810 f. June 30 total stockholders' equity balance, $28 , 370 g. July Depreciation Expense, $600 h. Cost of Goods Sold, 40% of sales i. Other July expenses, including income tax, $7 , 000 , paid in cash j. June 30 Cash balance, $11 , 700 k. July budgeted sales on account, $12 , 700 I. June 30 Accounts Receivable balance $5 , 120 m. July cash receipts from payments on account, $14 , 200 Begin by preparing a sales budget for April, May, and June. Now prepare a production budget for April, May, and June