You are a coop student at Canada Fireworks and have been asked to prepare a cash budget for the month of April. The Balance Sheet for Canada Fireworks at March 31 is below. Balance Sheet March 31 Assets Cash $40,000 Accounts receivable 16,000 Inventory 69,100 Prepaid Insurance* 900 Property, Plant and Equipment (net) 10.900 Total Assets $136,900 $26,500 26.500 Liabilities Accounts payable Total liabilities Shareholders' Equity Common shares Retained earnings Total shareholders' equity Total Liabilities and Shareholders' Equity 50,000 60.400 110,400 $136.900 *The company prepaid $1,200 of insurance at the start of January. Prepaid insurance is amortized (expensed) monthly at $100 per month. It is the company's policy to maintain a minimum cash balance of $10,000 per month. Information items pertaining to April's operations: a) The company purchases an asset for $80,000 in cash. b) April sales are expected to be $84,000, 70% of which are cash sales. The longstanding pattern of collection for credit sales is 60% in the month of sale and 40% in the following month. c) April purchases for merchandise inventory was $25,000, of which $10,000 was for cash and the balance on credit. The pattern of payment for credit purchases of inventory is 30% in the month of purchase and 70% in the month following purchase. Merchandise is the only item that is purchased on account. d) All other payments are made in the month incurred. e) Selling and Administration expenses totaled $14,000 in April. These expenses consist of the following items: a. Depreciation expense (includes depreciation on new asset) 2,000 b. Insurance expense 100 c. CEO's salary 4,900 d. Admin salaries 7,000 f) Cost of goods sold is 65% of sales. g) Ignore income taxes or interest expense Required: 1) Prepare a cash budget for April in GOOD FORM that arrives at an ending cash balance. What is the amount of cash you would report on the April 30 balance sheet? Good form means that the statement should reflect the basic (logical) structure of a cash budget, be easy to follow, and does not aggregate amounts, i.e., clearly shows how you calculated each component