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The president of the retailer Prime Products has just approached the company's bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $24,000. Accounts receivable on April 1 will total $140,000, of which $120,000 will be collected during April and $16,000 will be collected during May. The remainder will be uncollectible b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three- month period follow: April $ 300,000 $ May June Sales (all on account) Merchandise purchases Payroll Lease payments Advertising Equipment purchases Depreciation $ 250,000 $ 210,000 $ 160,000 130,000 $ 20,000 $20,000 $18,000 $ 22,000 $ 22,000 22,000 50,000 $ 65,000 $ 15,000 $15,000 $15,000 $ 60,00 60,000 C. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total $140,000 d. In preparing the cash budget, assume that the $30,000 loan will be made in April and repaid in June. Interest on the loan will total $1,200 Required 1. Calculate the expected cash collections for April, May, and June, and for the three months in total 2. Prepare a cash budget, by month and in total, for the three-month period Complete this question by entering your answers in the tabs below. Required 1Required 2 Calculate the expected cash collections for April, May, and June, and for the three months in total. Schedule of Expected Cash Collections April $210,000 316,000 339,000 865,000 May Quarter June Total cash collections Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare a cash budget, by month and in total, for the three-month period. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Prime Products Cash Budget April May Quarter June 24,000 Beginning cash balance Add receipts 24,000$ 22,000$ 26,000$ Collections from customers Total cash available Less cash disbursements 210,000 316,000 339,000 865,000 234,000 338,000 365,000 889,000 Merchandise purchases Payroll Lease payments Advertising Equipment purchases 140,000 20,000 22,000 60,000 210,000 20,000 22,000 60,000 160,000 18,000 22,000 50,000 65,000 315,000 50,000 510,000 58,000 66,000 170,000 65,000 869,000 20,000 Total cash disbursements Excess (deficiency) of cash available over disbursements Financing. 242,000 312,000 (8,000) 26,000 30,000 30,000 (30,000) (1,200) (1,200) 18,800 Borrowings Repayments Interest (30,000) (1,200) (31,200) 30,000 22,000 $ Total financing 26,000 $ 18,800 $ Ending cash balance The president of the retailer Prime Products has just approached the company's bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $24,000. Accounts receivable on April 1 will total $140,000, of which $120,000 will be collected during April and $16,000 will be collected during May. The remainder will be uncollectible b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three- month period follow: April $ 300,000 $ May June Sales (all on account) Merchandise purchases Payroll Lease payments Advertising Equipment purchases Depreciation $ 250,000 $ 210,000 $ 160,000 130,000 $ 20,000 $20,000 $18,000 $ 22,000 $ 22,000 22,000 50,000 $ 65,000 $ 15,000 $15,000 $15,000 $ 60,00 60,000 C. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total $140,000 d. In preparing the cash budget, assume that the $30,000 loan will be made in April and repaid in June. Interest on the loan will total $1,200 Required 1. Calculate the expected cash collections for April, May, and June, and for the three months in total 2. Prepare a cash budget, by month and in total, for the three-month period Complete this question by entering your answers in the tabs below. Required 1Required 2 Calculate the expected cash collections for April, May, and June, and for the three months in total. Schedule of Expected Cash Collections April $210,000 316,000 339,000 865,000 May Quarter June Total cash collections Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare a cash budget, by month and in total, for the three-month period. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Prime Products Cash Budget April May Quarter June 24,000 Beginning cash balance Add receipts 24,000$ 22,000$ 26,000$ Collections from customers Total cash available Less cash disbursements 210,000 316,000 339,000 865,000 234,000 338,000 365,000 889,000 Merchandise purchases Payroll Lease payments Advertising Equipment purchases 140,000 20,000 22,000 60,000 210,000 20,000 22,000 60,000 160,000 18,000 22,000 50,000 65,000 315,000 50,000 510,000 58,000 66,000 170,000 65,000 869,000 20,000 Total cash disbursements Excess (deficiency) of cash available over disbursements Financing. 242,000 312,000 (8,000) 26,000 30,000 30,000 (30,000) (1,200) (1,200) 18,800 Borrowings Repayments Interest (30,000) (1,200) (31,200) 30,000 22,000 $ Total financing 26,000 $ 18,800 $ Ending cash balance