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You have been asked to prepare a June cash budget for Brighton Company, a distributor of sports equipment. The following information is available about the company's operations: a. The cash balance on June 1 will be $40,800. b. Actual sales for April and May and expected sales for June are as follows: Sales on account are collected over a three-month period in the following ratio: 20% collected in the month of sale, 70% collected in the month following sale, and 8% collected in the second month following sale. The remaining 2% are uncollectible. c. Purchases of inventory will total $304,000 for June. 30% of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from May's inventory purchases total $154,000, all of which will be paid in June. d. Selling and administrative expenses are budgeted at $454,000 for June. Of this amount, $50,400 is for depreciation. These are paid in the period incurred. e. A new Web server for the Marketing Department costing $75,400 will be purchased for cash during June, and dividends totalling $7,100 will be paid during the month. f. The company must maintain a minimum cash balance of $20,400. An open line of credit is available from the company's bank to bolster the cash position, as needed. Required: 1. Prepare a schedule of expected cash collections for June. 2. Prepare a schedule of expected cash disbursements for materials during June to suppliers for inventory purchases. 3. Prepare a cash budget for June. Indicate in the financing section any borrowing that will be needed during the month

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