The balance sheet of Photoec, Inc., as of May 31 is now given below: PHOTOTECc, INC Balance Sheet May 31 Cash...... Accounts receivable. Inventory..... Plant and equipment, net of depreciation.. Total assets. Assets $8,000 72,000 30,000 500,000 $610,000 Liabilities and Stockholders' Equity Accounts payable, suppliers. Note payable. Capital stock, no par. Retained Earnings. Total liabilities and stockholder's equity..... $90,000 15,000 420,000 85,000 $610,000 Phototec, Inc. has not budgeted previously, and for this reason it is limiting its master budget planning horizon to just one month ahead-namely, June. The company has assembled the following budgeted data relating to June: 50%. 40% 2. Sales are budgeted at $250,000. Of these sales, $60.000 will be for cash; the remainder will be credit sales. One half of the month's credit sales are collected in the month sales are made, and the remainder is collected in the moth following. All of the May 31 accounts receivable will be collected in June. b. Purchases of inventory are expected to total $200,000 during June. These purchases will all be on account. Forty percent of all inventory purchases are paid for in the month of purchase; the remainder is paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June. c. The June 30 inventory balance is budgeted at $40,000. d. Operating expenses for June are budgeted at $51,009, exclusive of depreciation. These expenses will all be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payable on May 31 balance sheet will be paid during June. The company's interest expense for June (on all borrowing) will be $500, which will be paid in cash. f. New equipment costing $9,000 will be purchased for cash during June. g. During June, the company will borrow $18,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1. Prepare a cash budget for June. Support your budget with schedules showing budgeted cash receipts from sales and budgeted cash payments for inventory purchases