23. Harry?s House of hamburgers (HH) ants to prepare a cash budget for months of September through December Using the following information, prepare the cash budget schedule and interpret the results. Sales were $50,000 in June and S60.000 in July. Sales have been forecasted to be $65.000, $72,000, $63.000, $59.000. and S56.000 for months of August, September. October, November. and December. respectively. In the past, 10 percent of sales were on cash basis, and the collect ion were 50 percent in the first month. 30 percent in the second month, and 10 percent n the third month following the sales. - Every four months (three times a year) S500 of dividends from investments arc expected. The first dividend payment was received in January. . Purchases arc 60 percent of sales. 15 percent of which arc paid in cash. 65 percent arc paid one month later, and the rest is paid two months after purchase. $8000 dividends arc paid twice a year (in March and September). The monthly rent is S2,000. Taxes arc S6500 payable in December. A new hamburger press will be purchased in October for $2.300. $ 1.500 interest will he paid in November. $ 1.000 loan payments arc paid every month. Wages and salaries are $1,000 plus 5 percent of sales in each month August?s ending ca.sh balance is $3.000. HHH would like to maintain a minimum cash balance of 10,000 23. Harry?s House of hamburgers (HH) ants to prepare a cash budget for months of September through December Using the following information, prepare the cash budget schedule and interpret the results. Sales were $50,000 in June and S60.000 in July. Sales have been forecasted to be $65.000, $72,000, $63.000, $59.000. and S56.000 for months of August, September. October, November. and December. respectively. In the past, 10 percent of sales were on cash basis, and the collect ion were 50 percent in the first month. 30 percent in the second month, and 10 percent n the third month following the sales. - Every four months (three times a year) S500 of dividends from investments arc expected. The first dividend payment was received in January. . Purchases arc 60 percent of sales. 15 percent of which arc paid in cash. 65 percent arc paid one month later, and the rest is paid two months after purchase. $8000 dividends arc paid twice a year (in March and September). The monthly rent is S2,000. Taxes arc S6500 payable in December. A new hamburger press will be purchased in October for $2.300. $ 1.500 interest will he paid in November. $ 1.000 loan payments arc paid every month. Wages and salaries are $1,000 plus 5 percent of sales in each month August?s ending ca.sh balance is $3.000. HHH would like to maintain a minimum cash balance of 10,000