Given the information that follows, draw a cash budget for the XYZ Store for the first six months of 2012.

• Every prices and costs remain constant.
• Sales are 80% for credit and 20% for cash.
• With respect to credit sales, 55% are collected in the month after the sale, 30% in the second month, and 15% in the third.  Bad-debt losses are insignificant.
• Sales, actual and estimated, are:

• Payments for purchases of merchandise are 90% of the following month's anticipated sales.
• Wages and salaries are:

• Rent is $5,000 a month.
• Interest of $8,500 is due on the last day of every calendar quarter, and no quarterly cash dividends are planned.
• A tax prepayment of $60,000 for 2012 income is due in April.
• A capital investment of $60,000 is planned in June, to be paid for then.
• The company has a cash balance of $90,000 at December 31, 2011, which is the minimum desired level for cash.  Funds can be borrowed in multiples of $5,000. (Ignore interest on this type of borrowings.)