Y LO WOICHLEILA, LUAJI On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management pints Month January February March April May Credit Sales 5 300.000 (actual) 400,000 (actual) 460,000 (estimated) 787,000 (estimated) 300,000 (estimated) Print ferences The company's collection activity on credit sales historically has been as follows Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts 50% 30 15 5 Spicer's total cash expenditures for March April, and May have been estimated at $1.200,000 (an average of $400.000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter Compute Spicer's budgeted cash balance at the ends of March April, and May, The company's collection activity on credit sales historically has been as follows Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts Book 50% 30 15 5 rences Spicer's total cash expenditures for March April, and May have been estimated at $1,200,000 tan average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000 No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March April, and May Cash balance on March 31 Cash balance on April 30 Cash balance on May 31