- Use the following information to prepare the May cash budget for Sweeny Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on May 31. - Beginning cash balance on May 1: $40,000 - Cash receipts from sales: 40% is collected in the month of sale, 30% in the next month, and 30% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: March (actual), $125,000; April (actual): $150,000; and May (budgeted); $157,500. - Payments on merchandise purchases: 40% in the month of purchase and 60% in the month following purchase. Purchases amounts are: April (actual), \$107,000; and May (budgeted), $112,400. - Budgeted cash disbursements for salaries in May: $14,280. - Budgeted depreciation expense for May: $6,000. - Other cash expenses budgeted for May: $5,700. - Accrued income taxes due in May: $1,500 - Bank loan interest due in May: $160 How much are merchandise purchases