Anatolia Salon Essentials had sales of $25,000 in July and $30,000 in August. Forecast sales for September, October, and November are $35,000, $40,000, and $50,000, respectively. The firm has a cash balance of $2,500 on September 1 and wishes to maintain a minimum cash balance of $2,500. Given the following data, prepare a cash budget for the months of September, October, and November and calculate the excess funds available for investment or financing required. a) The firm makes 20% of sales for cash, 60% are collected in the next month, and the remaining 20% are collected in the second month following sale. b) The firms actual or expected purchases are usually 75% of sales and made in the month of sales only. It typically pays cash immediately for 10% of its purchases, 70% in the month following the purchase, and the remaining after two months. c) Rent expense is $1,500 per month. d) Wages and salaries are 10% of the previous months sales. e) Depreciation of $1,000 in September, $500 in October and $700 in November will be charged. f) Stock dividends of $2,000 and cash dividends of $1,500 were declared in September and will be paid in October. Moreover, the firm receives dividends from its subsidiaries of $1,000 per month. g) Anatolia has some long-term investments in bonds and will receive interest of $1,000 in September. Payment of principal and interest of $4,000 is due on its own issued bonds in October. h) A cash purchase of equipment costing $6,000 is scheduled in November. i) Taxes of $6,000 are due in October.