Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2019: 

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 2019, credit sales were $266,112 and credit purchases were $197,680. Using this information, complete the following cash budget: 

Transcribed Image Text:

April May Credit sales $481,250 $501,840 Credit purchases 186,280 222,320 Cash disbursements Wages, taxes, and expenses 50,371 61,091 Interest 14,450 14,450 Equipment purchases 105,100 115,360