You are provided with the following information taken from Splish Brothers Inc.'s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,000 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 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 $22,640 Purchases April 28,310 $50,950 5. 6. Cash operating costs are anticipated to be $11,510 for the month of April. Equipment costing $2,650 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,970. 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. E 7. TI Prepare a cash budget for the month of April. Determine how much cash Splish Brothers Inc. must borrow, or can repay, in April. You are provided with the following information taken from Splish Brothers Inc.'s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,000 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 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 $22,640 Purchases April 28,310 $50,950 5. 6. Cash operating costs are anticipated to be $11,510 for the month of April. Equipment costing $2,650 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,970. 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. E 7. TI Prepare a cash budget for the month of April. Determine how much cash Splish Brothers Inc. must borrow, or can repay, in April