Save Answer QUESTION 3 The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter $110.000 5130.000 5180.000 Merchandise purchases $92000 15105.000 Selling and administrative expenses 550,000 550.000 Al sales McCracken are on F o rty percentare collected in the month of sale o n the month following the sale, and the remaining are uncollectible Merchandise purchases are n the month following the month of purchase. The selling and administrative expenses above include 50.000 of depreciation on display fures and warehouse equipment All other selling and administrative expenses are paidas incurred McCracken wants 1o maintain a cash balance of $15.000 Any amount below this can be borrowed from a local bank as needed at forty verest rate of 3%. All borrowings we made a month and and payments of loans or any part of loans at month end as well Required Prepare McCracken's cash budget for May McCracken expects to have $25.000 of cash on hand at the beginning of May. Show you work Please the following to answer this question McCracken Plumbing Supply Cash Budget for May