Problem 26-10 Calculating the Cash Budget Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2016 May ril $318,000 $298,000 $358,000 126,000 149,000 174,000 June Credit sales Credit purchases Cash disbursements 43,800 10,800 78,000 146,000 11,300 10,800 62,800 10,800 0 Wages, taxes, and expense:s Interest Equipment purchases 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 2016, credit sales were $188,000, and credit purchases were $128,000. Using this information, complete the following cash budget. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.16.) May April June 121,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expense:s Interest Equipment purchases Total cash disbursements Ending cash balance