Response to the following problem:
Tait Company has the following information for the month of June:
a. Beginning cash balance on June 1 was $94,500.
b. Cash receipts from sales have the following pattern: 40% is collected in the month of sale 50% is collected in the next month 5% is collected in the second month after the sale 5% is uncollectible.
c. The following are the actual and budgeted amounts of sales: April (actual) $540,000 May (actual) 720,000 June (budgeted) 630,000
d. Payments on purchases are 50% in the month of purchase and 50% in the month following the purchase. The following actual and budged amounts of merchandise purchases are known:
May (actual) $270,000 June (budgeted) 405,000
e. Budged cash disbursements for salaries in June are $180,000.
f. Budgeted amortization expense for June is $9,000.
g. Other cash expenses budgeted for June are $48,000.
h. Accrued income taxes due in June are $101,250.
i. Bank loan interest due in June is $6,750.
Required: Prepare a cash budget for Tait Company for the month of June.