Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2010:

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 2010, credit sales were $382,500, and credit purchases were $207,000. Using this information, complete the following cash budget:

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APRIL MAY Credit sales Credit purchases Cash disbursements JUNE S489,000 238,500 $405,000 S457,500 212,250 200,100 Wages, taxes, and expenses Interest Equipment purchases 52.260 14.700 106,500 72,315 14,700 124,500 79,200 14,700 APRIL MAY JUNE Beginning cash balance Cash receipts $285,000 Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance