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Use the following information to prepare a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is provided below.

In May, 30-day credit sales were $175,000; 80% of this amount is estimated to be collectible in June.

June sales are estimated to be $425,000; cash sales are usually 25% of total sales. Only 10% of credit sales are collected in the month in which the sale is made.

Total fixed expenses are $60,000 per month, including $26,000 depreciation. Variable expenses are 55% of sales. All expenses requiring payment are paid in cash when incurred.

A $40,000 note payable must be paid on June 30.

As of May 31, the cash balance is $94,000.

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