You are provided with the following information taken from Metlock, Inc.s March 31, 2022, balance sheet. Cash $ 11,630 Accounts receivable 22,600 Inventory 37,120 Property, plant, and equipment, net of depreciation 122,700 Accounts payable 22,540 Common stock 153,700 Retained earnings 12,390 Additional information concerning Metlock, Inc. is as follows. 1. Gross profit is 27% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 70,800 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 42,480 (60% of $70,800) $61,280 4. Half of a months purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,540 Purchases April 28,730 $51,270 5. Cash operating costs are anticipated to be $12,510 for the month of April. 6. Equipment costing $2,510 will be purchased for cash in April. 7. The company wishes to maintain a minimum cash balance of $12,570. 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 15% 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 Metlock, Inc. must borrow, or can repay, in April. METLOCK, INC. Cash Budget choose the accounting period select an opening cash budget item $enter a dollar amount select between addition and deduction: select an opening name for section one select a cash budget item enter a dollar amount select a cash budget item enter a dollar amount select a closing name for section one enter a total amount for section one select a summarizing line for the first part enter a total amount for the first part select between addition and deduction: select an opening name for section two select a cash budget item enter a dollar amount select a cash budget item enter a dollar amount select a cash budget item enter a dollar amount select a cash budget item enter a dollar amount select a closing name for section two enter a total amount for section two select a summarizing line for the second part enter a total amount for the second part select an opening name for section three : select a cash budget item enter a dollar amount : select a cash budget item enter a dollar amount select a closing cash budget item $enter a total amount for the cash budget