You are provided with the following information taken from Marin Inc's March 31, 2022, balance sheet Cash $ 12,060 Accounts receivable 22.970 Inventory 36,620 Property, plant, and equipment, net of depreciation 123,100 Accounts payable 23.010 Common stock 153.200 Retained earnings 12,070 Additional information concerning Marin Inc. is as follows. Gross profitis 26% of sales. Actual and budgeted sales data: March (actual) $48.000 April (budgeted) 73,300 1. 2. 3. Sales are both cash and credit. Cash collections expected in April are: March $19,200 (40% of $48,000) April 43.980 (60% of $73,300) $63.180 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 $23.010 Purchases April 28.850 $51.860 5. 6. 7. Cash operating costs are anticipated to be $12.650 for the month of April. Equipment costing $2,620 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,780. 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 14% 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 Marin Inc. must borrow, or can repay. in April. MARIN INC. Cash Budget $ V >