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13. (2pts, plus Ipt EC) Fairbanks, Salmon, Williams & Musgrave Academic Excellence Co. presented the following budgeted information in order to prepare their November Cash Budget: Sales Merchandise purchases Selling & Admin Expenses Oct si 10,000 $ 85,000 50,000 Nov $130,000 $ 92,000 S 50,000 Dec $180,000 $105,000 550,000 Cash Budget assumptions: All sales are on credit and are collected 40% in the month of the sale, 58% in the month following the sale, with 2% uncollectible (but still due). Merchandise purchases are paid in full the month following the month of purchase. The monthly selling and administrative expenses include $4,000 of depreciation expense relating to display fixtures and warehouse equipment. All other selling and administrative costs are paid in cash in the month incurred. Management requires a minimum cash balance of $10,000. Any amount below this will be borrowed, using a bank credit line, but all bank borrowings must be in whole increments of $1,000 a) Referring to pg 267 as a guids, prepare a Cash Budget for the month of November only, showing all details. The company expects to have $13,000 of cash on hand November Ist. November 1st Beginning Cash Bal $13,000 Show your calculations in this colum (Note: the numb r (Labels/descriptions in this column) (amounts) frans, pilshofench Ending Cash Balance at Nov 30