Todd Enterprises is preparing a cash budget for the second quarter of the coming year. The following data have been forecasted: All\" ! Sales $150,000 $152,500 Merchandise purchases ................................. 102,000 112,400 Operating expenses: Payroll ................................................. 13,600 14, 280 Advertising ........................................... 5,400 5,700 Rent .................................................... 2,500 2,500 Depreciation .......................................... 2,500 2,500 End of April balances: Cash 30,000 Bank loan payable .................................... 26,000 Additional data: (1) Sales are 40% cash and 60% credit. The collection pattern for credit sales is 50% in the month following the sale and 50% in the month thereafter. Total sales in March were $125,000. (2) Purchases are all on credit, with 40% paid in the month of purchase and 60% paid in the following month. (3) Operating expenses that are paid in cash are paid in the month they are incurred. (4) A minimum cash balance of $25,000 is required at the end of each month. (5) Loans are used to maintain the minimum cash balance. At the end of each month, interest of 1% per month is paid on the outstanding loan balance as of the beginning of the month. Repayments are made at the end of the month if the cash balance exceeds $25,000. Required: Prepare the company's cash budget for May. Show the ending loan balance at May 31. Provide a formal heading and present it in an organized way