You are provided with the following information taken from Kingbird, Inc.'s March 31, 2022, balance sheet. Cash $ 11,500 Accounts receivable 20,000 Inventory 36,000 Property, plant, and equipment, net of depreciation 120,000 Accounts payable 22.400 Common stock 150,000 Retained earnings 11,600 Additional information concerning Kingbird, Inc. is as follows. 1. Gross profit is 24% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $46,500 70,500 3. Sales are both cash and credit. Cash collections expected in April are: March $18.600 (40% of $46,500) April 42.300 (60% of $70,500) $60.900 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22.400 Purchases April 28,100 $50,500 Retained earning 150 000 11600 Additional information concerning Kingbird, Inc. is as follows 1 Cross protis 26% of sales 2 Actual and budgeted sales date March Art budete $46300 70.500 3 Sales are both cash and credit Cash collections acted in April March $10.00 $46.5001 April 42.300 N F 570.500 Half of a month's purchases are paid for in the month of purchase and in the following moth Cashbuis expected in April Purchase March 28.100 5 Cash operating costs are noted to be $11.500 for the month of Art cost $2.500 will be purchased for cash in April 7. The company wishes to maintain a minimum cash balance of $12.000. An open line of credits to the bank. All borrowing is done at the beginning of the month and all rements are made at the end of the months. The state is 12 per year, and interesse accrued at the end of the month and paid in the following month Prepare a cash but for the month of Art Determine how much cash Kingbird Inc. must borrow.canpa in April Prepare a cash budget for the month of April. Determine how much cash Kingbird, Inc. must borrow, or can repay, in April. KINGBIRD, INC. Cash Budget $ > > $