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Consider the budgeted income statement for Crandell Company for June 20x4. (Click the icon to view the income statement.) The cash balance, May 31, 20X4, is $18,000. Sales proceeds are collected as follows: 70% the month of sale, 15% the second month, and 15% the third month. Accounts receivable are $50,000 on May 31, 20X4, consisting of $24,000 from April sales and $26,000 from May sales. Accounts payable on May 31, 20X4, are $141.000. Crandell Company pays 25% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during the month of recognition, except that insurance and property taxes are paid annually in December for the forthcoming year. Requirement X 1. Prepare a cash budget for June. Confine your analysis to the given data. Ignore income taxes. 0 Data Table For the Month Ended June 20, 20X4 (In thousands) Sales $ 295 Beginning Cash, May 31, 20X4 $ 18 Inventory, May 31 $ 55 Cash Reciepts 196 Purchases Collections from customers from: 251 June sales 207 52 May sales 13 Available for sale Inventory, June 30 Cost of goods sold Gross margin 24 244 199 $ 262 $ 96 April sales Total cash available during June Cash Disbursements: On accounts payable of May 31 On June purchases Wages 141 Operating expenses: Wages Utilities $ 32 49 8 32 8 Utilities Advertising 17 254 Advertising 17 Depreciation 2 Office expenses 7 5 71 Insurance and property taxes $ 25 Operating income Crandell Company Budgeted Income Statement for the Month Ended June 30, 20X4 (in thousands) Office expenses 8 Ending Cash, June 30, 20X4 This question is complete. Move your cursor over or tap on the red arrows to see incorrect All parts showing Print Done