urrent Attempt in Progress You are provided with the following information taken from Windsor, Inc.'s March 31, 2017, balance sheet. Cash $11,540 Accounts receivable 20,260 Inventory 36,260 Property,plant, and equipment, net of depreciation Accounts payable 125,000 22,970 Common stock 153,200 Retained earnings 11,650 Additional information concerning Windsor, Inc. is as follows. Gross profit is 27% of sales. 1. 2. Actual and budgeted sales data: March (actual) $46,800 April (budgeted) 70,600 3. Sales are both cash and credit. Cash collections expected in April are: (40% of $46,800) $18,720 March (60% of $70,600) 42,360 April $61,080 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbur 4. st assussifirs7 Pause April (budgeted) 70,600 Sales are both cash and credit. Cash collections expected in April are: $18,720 (40 % of $46,800) March April 42.360 (60% of $70,600) $61,080 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disburspments expected in April are: Purchases March $22.970 Purchases April 28,510 $51,480 Cash operating costs are anticipated to be $12,340 for the month of April. 5. Equipment costing $2,650 will be purchased for cash in April. . The company wishes to maintain a minimum cash balance of $12,460. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, am all repayments are made at the end of the month. The interest rate is 13 % per year , and interest expense is accrued at the end of the month and paid in the following month Prepare a cash budget for the month of April. Determine how much cash Windsor, Inc. must borrow, or can repay, in April WINDSOR, INC. Cash Budget Beginning cash balance Add : Collections from.customers eginning cash balance $ Add# : Collections from customers Cash sales Less: Payment of March purchases Payment of April purchases Cash operating costs Equipment purchase