Ruben Cooper is the owner and manager of a children’s toy shop, Wonder Toys. From the following data, Cooper wants to prepare a cash budget showing expected cash receipts and disbursements for the month of September and the cash balance expected as of September 30, 2020. 

● Planned cash balance, August 31, 2020: €300,000

● Customer receivables as of August 31: €1,590,000 total, €240,000 from July sales, €1,350,000 from August sales

● Accounts payable, August 31: €1,380,000

● Merchandise purchases for September: €1,350,000, 40% paid in the month of purchase, 60% paid in the next month

● Payrolls due in September: €270,000

● Other expenses for September, payable in September: €135,000

● Accrued taxes for September, payable in November: €22,500

● Bank note due September 10: €270,000 plus €21,600 interest

● Depreciation for September: €6,300

● Two-year insurance policy due September 15 for renewal: €4,500, to be paid in cash. 

● Sales for September: €3,000,000, half collected in the month of sale, 40% in next month, 10% in the third month.

Prepare the cash budget for the month ending September 30, 2020.