Use the following information to prepare a cash budget for Knightsbridge Corporation for the month of June. In May, 30-day credit sales were $175,000; 80% of this amount is estimated to be collectible in June. June sales are estimated to be $425,000; cash sales are usually 25% of total sales. Only 10% of credit sales are collected in the month in which the sale is made. Total fixed expenses are $60,000 per month, including $26,000 depreciation. Variable expenses are 55% of sales. All expenses requiring payment are paid in cash when incurred. A $40,000 note payable must be paid on June 30. As of May 31, the cash balance is $94,000