Problem 26-10 Calculating the Cash Budget Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2019: April May June $328,000 $308,000 $368,000 136,000 159,000 184,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 44,800 12,300 63,800 11,800 88.000 11,800 166,000 11,800 0 The company predicts that 5 percent of its credit sales will never be collected, 20 percent of its sales will be collected in the month of the sale, and the remaining 75 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $198,000, and credit purchases were $138,000. Using this information, complete the following cash budget. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) May June April 131,000 $ Beginning cash balance Cash receipts Cash collections from credit sales May June April 131,000 $ Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance