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Problems 1. A firm has the following monthly pattern of sales 300 500 1000 March May June Sixty percent of the sales are on credit and are collected after a month. The company pays wages each month that are 60 percent of sales and has fixed dis bursements (for example, rent) of $100 a month. In March it receives $200 from a bond that matures; in April and June it makes a tax payment of $200. Man- agement maintains a cash balance of $150 at all times. Construct a cash budget that indicates the firm's monthly needs for short-term financing. Its beginning cash position is $150