Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2013:

The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.

In March 2013, credit sales were $302,400, and credit purchases were $224,640. Using this information, complete the following cashbudget:

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AprilMayJune Beginning cash balance Cash receipts $403,200 Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance