16 points Save Answer QUESTION 3 The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter $110.000 5130.000 5180.000 Merchandise purchases 05.000 592.000 5105.000 Seling and administrative expenses 550,000 550.000 550.000 Al sales McCracken are on F o rty percent are collected in the month of sale o n the month following the sale, and the remaining are uncollectible Merchandise purchase and the month following the month of purchaseThe selling and administrative expenses above include 50.000 of depreciation on display fures and warehouse equipment All other selling and administrative expenses are paidas incurred McCracken wants 10 maintain a cash balance of $15.000 Any amount below this can be borrowed from a local bank as needed at fortynderest rate of 3%. All borrowings are made a month end and payments of loan or any part of loans at month and as well Required Prepare McCracken's cash budget for May McCracken expects to have $25.000 of cash on hand at the beginning of May. Show you work Please use the fo g table to answer this westion McCracken Plumbing Supply Cash Budget for May