Current Attempt in Progress You are provided with the following information taken from Metlock Inc.'s March 31, 2022, balance sheet. Cash $11,860 Accounts receivable 23,480 Inventory 36,810 Property, plant, and equipment, net of depreciation 123,700 Accounts payable 22,430 Common stock 152,000 Retained earnings 12,240 Additional information concerning Metlock Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) $47,200 April (budgeted) 70,800 3. 4. Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte Purchases March Purchases April $22,430 28,140 $50,570 5. Cash operating costs are anticipated to be $12,570 for the month of April. 6. 7. Equipment costing $2,780 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,230. An open line of credit is available at the bank. All borrowing is done at the beginning of the month, and all repayments are made at the end of the month. The interest rate is 14% per year, and interest expense is accrued at the end of the month and paid in the following month Prepare a cash budget for the month of April. Determine how much cash Metlock Inc. must borrow, or can repay, in April. (Do not leave any answer field blank. Enter O for amounts) METLOCK INC.