8: Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available: a. The cash balance at the beginning of September is $9,000. b. Actual sales for July and August and expected sales for September are as follows: July August September Cash sales...... Sales on account. $ 6,500 $5,250 $ 7,400 Total sales... 20,000 30,000 $26,500 $35,250 $47,400 40,000 Sales on account are collected over a three-month period as follows: 10% collected in the month of sale, 70% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $25,000 for September. Twenty percent of a month's inventory purchases are paid for during the month of purchase. The accounts payable remaining from August's inventory purchases total $16,000, all of which will be paid in September. d. Selling and administrative expenses are budgeted at $13,000 for September. Of this amount, $4,000 is for depreciation. e. Equipment costing $18,000 will be purchased for cash during September, and dividends totalling $3,000 will be paid during the month