24. Trish Morrow owns and operates Yummy Bakery which sells a wide variety of cupcakes. She has compiled the following data and information in order to put together a cash budget for September and October. Budgeted sales for September are 65,000 cupcakes and 98,000 in October. Each cupcake sells for $3.50. On average 60 percent are cash sales and 40 percent are done on account. The company expects to collect 75 percent of credit sales in the month of the sale and 20 percent in the month after the sale. All necessary raw materials are purchased on account. Purchases are paid 85 percent in the month of the purchase and 15 percent in the following month. Purchases for September are estimated to be $200,000 and $290,000 in October. . Monthly expenses include: 0 Wages $10,000 0 Rent $4,000 0 Utilities $3,500 0 Insurance $2,500 0 Advertising $2,290 . Cash balance on September 15 was $6,000