2. The preparation of a cash budget White Brothers Inc. is a distributor of men's, women's, and children's shoes. The company imports shoes primarily from Europe and sells them to specialty clothing and shoe stores around the country. The company's chief accountant has gathered the following information to aid in the preparation of a cash budget for the fourth quarter of year 2. October November December Interest revenue from investments $2,850 $3,095 $2,230 1,108,870 1,189,628 1,774,429 14,820 12,440 17,333 Estimated cash payment for manufacturing costs Interest payments on a line of credit Income tax payments Purchase of factory equipment for cash 173,416 1,372,820 1,462,010 938,408 Selling and administrative expense cash payments 228,390 221,370 240,600 Minimum cash balance 285,000 285,000 285,000 Cash balance at beginning of month 298,220 The company expects to collect cash on its accounts receivable during the three months, as follows: October: $3,112,600 November: $3,091,660 December: $3,094,400 Complete the following cash budget for White Inc. by entering the appropriate values in the spaces provided. Use a minus sign to indicate the negative amount. White Brothers Inc. Cash Budget For the Quarter Ending December 31, Year 2 October November December Estimated cash receipts from Collections on accounts receivable $3,112,600 $3,091,660 $ Interest revenue 2,230 Total cash receipts $3,115,450 $ $3,096,630 Estimated cash payments for $1,108,870 $ $ Manufacturing costs Selling and administrative expenses Purchase of factory equipment 228,390 240,600 1,462,010 938,408 Interest expense 14,820 12,440 Income taxes 173,416 Total cash payments $ $3,144,186 Cash increase (decrease) $ $209,307 $ Cash balance at beginning of month 298,220 Cash balance at end of month $ $ $ Minimum cash balance 285,000 Excess (deficiency) $ $ $565,521