You are provided with the following information taken from Kingbird, Inc's March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 12,210 23,660 36,040 121,300 23,120 151,400 11.930 Additional information concerning Kingbird, Inc. is as follows 1 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $48,500 71,000 3. Sales are both cash and credit. Cash collections expected in April are: March $19,400 (40% of $48,500) April 42,600 (60% of $71,000) $62,000 4. 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 $23,120 1 Purchases April 28,330 $51.450 5. 6 7 Cash operating costs are anticipated to be $12,540 for the month of April. Equipment costing $2.940 will be purchased for cash in April The company wishes to maintain a minimum cash balance of $12,640. 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 of the month. The interest rate is 13% 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 Kingbird, Inc. must borrow, or can repay, in April KINGBIRD, INC. Cash Budget For the Month Ending April 30, 2022 3 >