Budgeted Figures Sales September October November $ 250,000 S475,000 $ 420,000 230,000 205,000 203,000 Merchandise purchases Cash disbursements Payroll Rent 20,200 9,000 33,600 22,10024,800 9,000 29,400 9,000 Other cash expenses Repayment of bank loan Interest on the bank loan 21,050 103,500 3,105 Operations began in August; August sales were $170,000 and purchases were $115,000. The budgeted September merchandise purchases include the inventory increase. All sales are on account The company predicts that 23% of credit sales is collected in the month of the sale, 47% in the month following the sale, 19% in the second month, 7% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $79,900 of the $170,000 will be collecte in September, $32,300 in October, and S1 1,900 in November. All merchandise is purchased on credit, 90% of the balance is paid in the month following a purchase, and the remaining 10% is paid in the second month. For example, of the $115,000 August purchases, $103,500 will be waid in September and $11.500 in October. Required Prepare a cash budget for September, October, and November for Apache Arts Company. (Input all amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) During the last week of August, Apache Arts Company's owner approaches the bank fo a$103,500 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of to increase the store's inventory by $60,000 during September and needs the loan $3,105. The owner plans t to pay for inventory acquisitions. The bank's loan officer needs more information about Apache Arts' abililty to repay the loan and asks the owner to forecast the store's November 30 cash positibn. On September 1 Apache Arts is expected to have a $4,000 cash balance, $130,900 of accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow. November Budgeted FiguresSeptember Sales $ 250,000 $475,000 $420,000 230,000 205,000 203000 Merchandise purchases Cash disbursements Payroll 24,800 9,000 21,050 103,500 3.105 22,100 9,000 29400 20,200 9,000 33,600 Rent Other cash expenses Repayment of bank loan Interest on the bank loan Operations began in August: August sales were $170,000 and purchases were $115,000 The budgeted September merchandise purchases include the inventory increase. Al sales are The company predicts that 23% of credit sales is collected in the month of the sale, 47% in the month following the sale, 19% in the second month,7% in the third, and the rem these perce in September, $32.300 in October, and S 11,900 in November. All merchandise is purchased on credit 90% of the balance is paid in the month following a purchase, and the remainina 10% is paid in the second ainder is uncollectible. Applying nts to the August credit sales, for example, shows that $79,900 of the $170,000 will be collected