Use the following information to prepare a cash budget for Knightsbridge Corporation for the month of June 2020.

In May, credit sales were $175,000; 80% of this amount is estimated to be collectible in June.

June sales are estimated to be $340,000, all of which are credit sales. Only 20% 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 35% 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.