Boatsahoy Company, has budgeted sales revenues as follows: SEPT OCT NOV Credit sales $135,000 $125,000 $ 90,000 Cash sales 90,000 255,000 195,000 Total sales $225,000 $380,000 $285,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are: April $300,000 May 240,000 June 105,000 Other cash disbursements budgeted: (a) selling and administrative expenses of $48,000 each month, (b) dividends of $103,000 will be paid in October, and (c) purchase of equipment in November for $30,000 cash. The company wishes to maintain a minimum cash balance of $50,000 at the end of each month. The company borrows money from the bank at 6% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on OCT 1 was $50,000. Assume that borrowed money in this case is for one month. Instructions: Present the analysis in good fomat. Hint: Construct a table for best results ( 4 columns and add lines as needed). Otherwise, use the space bar, not the tab key, for spacing, [a] Prepare a cash budget for the month of OCTOBER. Be sure prepare separate schedule for expected collections from (a) cash sales and {b} credit customers. Also, present the projected cash payments for inventory purchases in a separate schedule. [b] For the month of NOVEMBER, prepare a separate schedule for expected collections from (a) cash sales and (b) credit customers