1. You are employee of XYZ Company and instructed to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

Sales	April	May	June
	$700,000	$610,000	$840,000
Manufacturing Costs	$381,000	$324,000	$414,000
Operational Expenses	$209,000	$200,000	$239,000
Capital expenditure	-	$70,000	-

The company expects to sell 10% of its merchandise for cash, of sales on account, 80% are expected to be collected in full in the mouth following the sales and the remainder the next following month. Depreciation, insurance and property taxes represent $18,000 of the estimated monthly manufacturing costs and $5,000 of the probable monthly operating expenses. Insurance and property taxes are paid in January and July respectively. Of the remainder of the manufacturing costs and operating expenses, two thirds are expected to be paid in the month in which they are incurred and the balance in the following month, Current assets of April 1 are composed of each of $100,000 and accounts receivable of $530,000( $400,000 from march sales and $130,000 from February sales) Current liabilities as of April 1 are composed of $50,000, 8%, 90-day note payable due May 20, $110,000 of accounts payable incurred in march for operating expenses. It is expected of $32,500 will be made in April. The Companys regular quarterly dividend of $10,000 is expected to be declared in May and paid in June. Management desires to maintain a minimum cash balance of $90,000.

Instruction: Prepare a monthly cash budget for April, May, and June.