Carson Company Has Gathered the Following Information $\text { Carson Company desires to keep a minimum cash balance of } \$ 10,000 \text {. }$

Carson Company has gathered the following information: $\begin{array}{lr}\text { April } 30 \text { endingcash balance } & \$ 45,000 \\\text { Dividends paid in May } & \$ 12,000 \\\text { Cash expenditures in May for operating } & \\\text { expenses } & \$ 36,800 \\\text { Depreciation expense in May } & \$ 4,500 \\\text { Cash collections in May } & \$ 89,000 \\\text { Merchandise purchases paid in cash in May } & \$ 56,200 \\\text { Purchase equipment for cash in May } & \$ 17,500\end{array}$
$\text { Carson Company desires to keep a minimum cash balance of } \$ 10,000 \text {. }$ Required:
Prepare a cash budget for May, and indicate whether or not Carson Company meets minimum cash requirements.