You are provided with the following information taken from Splish Brothers Inc.'s March 31, 2017, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock 12,330 20,370 36,900 120,500 22,640 153.800 12,460 etained earnings Additional information concerning Splish Brothers Inc. is as follows. 1. 2. 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 April $ 18,800 43.860 $62,660 (40% of $47,000) (60% of $73,100) 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 Purchases April 4. $22,640 28,310 $50,950 5. 6. 7 Cash operating costs are anticipated to he $11,510 for the month af April Equipment costing $2,650will be purchased for cash in April. The co pan w shes to maintain a minimum cash balance of $12 970 An open ine o interest expense is accruedat the end of the month and paid in the following month credit 's 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 Prepare a cash budzet for the month of April Determine how much cash Splish Brothers Inc, must borrow, or can repay, in April. SPLISH BROTHERS INC. Cash Budget For the Month Ending April 30, 2017 Beginning cash balance AddCash reccipts