Use the given information to create a cash budget for Knightsbridge Corporation for the month of June 2012. The template of the cash budget is given below.

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

June sales are evaluated $425,000; cash sales are generally 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, adding $26,000 depreciation. Variable expenses are 55 percent of sales. All expenses requiring payment are paid in cash when incurred.

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

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