View Policies Current Attempt in Progress You are provided with the following information taken from Sage Hill Inc's March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 12.280 23,120 37,100 123,400 22.910 152,900 12,320 Additional information concerning Sage Hill Inc is as follows. 1. 2. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47.100 72.700 3. Sales are both cash and credit. Cash collections expected in April are: March $18.840 (40% of $47,100) April 43,620 (60% of $72,700) $62.460 Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expec Purchases March $22.910 Purchases April 28,910 $51,820 5. 6. 7. Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2.530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end the month. The interest rate is 1395 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 Sage Hill Inc. must borrow, or can repay, in April. SAGE HILL INC Cash Budget $