Daly Company has gathered the following information: May 30 ending cash balance $45,000 Dividends paid in June $12,000 Cash expenditures in June for operating expenses $36,800 Depreciation expense in June $4,500 Cash collections in June $89,000 Merchandise purchases paid in cash in June $56,200 Purchase equipment for cash in June $17,500 Daly Company desires to keep a minimum cash balance of $10,000.
Required: Prepare a cash budget for June, and indicate whether Daly Company meets minimum cash requirements.