3. A company expects to have a beginning cash balance for October of $71,500. They expect to collect $125,000 from customer during the month. They expect the following expenses for October: Materials Direct Labor Supplies Depreciation on Equipment Selling and Administrative $55,000 $32,000 $70,000 $120,000 $30,000 There is a minimum cash balance $15,000, and the company can borrow in increments in $5,000. Prepare a cash budget for October. 4. A company has budgeted sales for the upcoming months as follows: June July August September August $185,000 $210,000 $225,000 $250,000 $220,000 40% of the sales are cash sales, the remainder are credit. 45% of credit sales are collected in the month of the sale, and 55% are collected in the following month. Compute the cash receipts for July and August