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 $312,000 $292,000 $352,000 120.000 143.000 168,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 43,200 10,200 72,000 10,700 10,200 134,000 62,200 10,200 0 The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 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 $182,000, and credit purchases were $122,000. 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 115,000 $ 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