Hi! I'm working on the following problem and would like some help: http://www.chegg.com/homework-help/questions-and-answers/fraley-corporation-merchandising-firm-planned-following-sales-next-four-months-sales-made--q12007187 The Fraley Company, a merchandising firm, has planned the following sales for the next four months: March April May June Total budgeted sales $50,000 $70,000 $90,000 $60,000 All of Fraley Companys sales are on account. From experience, the company has learned that a months sales are collected according to the following pattern: Month of sale 70% First month following month of sale 20% Second month following month of sale 8% Uncollectible 2% The company requires a minimum cash balance of $4,000 to start a month. If Fraley Company has a cash balance less than $4,000, they will borrow enough cash to get to a $4,000 balance. If they have a cash balance greater than $4,000 they will invest the amount over $4,000. Assume the following budgeted data for June: Purchases $52,000 Selling and administrative expenses $10,000 Depreciation $8,000 Equipment purchases $15,000 Cash balance, beginning of June $4,000 Required: 1. Prepare a cash budget in good form for June. Clearly show any borrowing needed during the month. The company can borrow in any dollar amount, but will not pay any interest until the following month. 2. What is the Accounts Receivable balance at June 30th?