Assume all Office Depot stores do cash budgeting every quarter. One store is planning its cash needs for the third quarter of the year, and the following information is available to assist in preparing a cash budget. Budgeted income statements for July through October are as follows: July August September October Sales. . . ... $45,000 $52,000 $60,000 $75,000 Cost of goods sold 23,500 25,500 30,500 35,000 Gross profit . . . ... 21,500 26,500 29,500 40,000 Less other expenses Selling . . . . . . . 6,000 8,000 8,500 10,500 Administrative . . .. 9,100 10,500 8,500 9,400 Total . . . (15,100) (18,500 (17,000) (19,900) Net income . . . $ 6,400 $ 8,000 $12,500 $20,100Additional information follows: [\"3 T453\" . Other expenses, which are paid monthly, include $3,500 of depreciation per month. Sales are 44% for cash and 56% on credit. . Credit sales are collected 50% in the month of sale, 35% one month after sale, and 15% two months after sale. May sales were $40,000, and June sales were $42,000. Merchandise is paid for 50% in the month of purchase; the remaining 50% is paid in the following month. Accounts payable for merchandise at June 30 totaled $12,000. . The store maintains its ending inventory levels at 30% of the cost of goods to be sold in the follow- ing month. The inventory at June 30 is $1603. An equipment note of $10,000 per month is being paid through August. The store must maintain a cash balance of at least $10,000 at the end of each month. The cash bal ance on June 30 is $10,000. . The store can borrow from its bank as needed. Borrowings and repayments must he in multiples of $100. All borrowings take place at the beginning ofa month, and all repayments are made at the end of a month. When the principal is repaid. interest on the repayment is also paid. The interest rate is 6% per year. Required a. Prepare a monthly schedule of budgeted operating cash receipts for July, August, and September. b. Prepare a monthly purchases budget and a schedule of budgeted cash payments for purchases for July, August, and September. c. Prepare a monthly cash budget for July, August, and September. Show borrowings from the store's bank and repayments to the bank as needed to maintain the minimum cash balance