ACME Incorporated, a retailer, budgeted sales for the fourth quarter of 2023 as follows: Month October November December Total Sales $225,000 $230,000 $235,000 $690,000 All Sales are made on account and are collected 40% in the month of the sale with the remainder being collected in the month following the sale. The company requires a minimum cash balance of $15,000 to start each month. There is currently no balance on the line of credit, and interest is paid at the beginning of the following month. The budgeted cash balance at the end of the third quarter is $100,000. All costs are paid in the month incurred except for the following: Inventory purchases: 60% paid in the current month, balance paid the following month Capital purchases: 10% cash, balance financed through long-term borrowing. The following additional information has been provided for October: Operating Expenses, excluding depreciation $65,000 Depreciation expense $19,000 Inventory purchases $200,000 Equipment purchased $80,000 Dividends declared, payable November 15, 2023 $50,000 Accounts payable balance, October 01, 2023 $48,000 Accounts receivable balance, October 01, 2023 $42,000 Required