Letterman Company Has Gathered the Following Information Letter Man Company Requires a Minimum Cash Balance Of

Letterman Company has gathered the following information: $\begin{array}{lr}\text { March 31 endingcash balance } & \$ 80,000 \\\text { Depreciation expense for April } & \$ 12,000 \\\text { Dividends paid in April } & \$ 55,000 \\\text { Cash collections in April } & \$ 510,000 \\\text { Equipment purchase for cash in April } & \$ 94,500 \\\text { Cash paid for operating expenses in April } & \$ 185,500 \\\text { Merchandise paid for in April } & \$ 180,000\end{array}$
Letter man Company requires a minimum cash balance of $\$ 80,000$ . Required:
Prepare a cash budget for April, and comment on whether or not minimum cash balance requirements are met.