Sweeny Cois Preparing a Cash Budget for the Second Quarter of of the Coming

Sweeny Co.is preparing a cash budget for the second quarter of the coming year.The following data have been forecasted:
$\begin{array}{lrr}&\text { April}&\text { ???}\\ \text { Sales } & \$ 150,000 & \$ 157,500 \\\text { Merchandise purchases } & 107,000 & 112,400 \\\text { Operating expenses: } & & \\\text { Payroll } & 13,600 & 14,280 \\\text { Advertising } & 5,400 & 5,700 \\\text { Rent } & 1,500 & 1,500 \\\text { Depreciation } & 7,500 & 7,500\\\text { End of April balances: } \\\text { Cash } & 40,000 \\\text { Bank loan payable } & 16,000\end{array}$

Additional data:
(1)Sales are 40% cash and 60% credit.The collection pattern for credit sales is 50% in the month following the sale and 50% in the month thereafter.Total sales in March were $125,000.
(2)Purchases are all on credit,with 40% paid in the month of purchase and the balance paid in the following month.
(3)Operating expenses are paid in the month they are incurred.
(4)A minimum cash balance of $40,000 is required at the end of each month.
(5)Loans are used to maintain the minimum cash balance.At the end of each month,interest of 1% per month is paid on the outstanding loan balance as of the beginning of the month.Repayments are made whenever excess cash is available.
Prepare the company's cash budget for May.Show the ending loan balance at May 31.