The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $736. b. Actual sales for April and May are as follows: April May Cash sales $10,000 28,900 $38,900 $18,000 35,000 $53,000 Credit sales Total sales c. Credit sales are collected over a three-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $4,100 per month. g. Taxes to be paid in June are $6,780. The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company doesn't have access to short-term loans. Required: 1. Prepare a cash budget for June. Include supporting schedules for cash collections and cash payments. Round calculations and final answers to the nearest dollar. Cash Budget For June Beginning cash balance 736 Collections: Cash sales 18600 Credit sales: Current month 54000 40 21600 May credit sales 35000 30 10500 April credit sales Total cash available 57332 Less disbursements: Inventory purchases: Current month 46464 9293 Prior month 80 Salaries and wages 11750 Rent 4100 xes 6780 Total cash needs Cash deficit