C Chapter 22 eBock Show Me How Print them The controller of Bridgeport Housewares the instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information September October November Sales $102,000 $129,000 $163,000 Manufacturing costs 43,000 55,000 $9,000 Selling and administrative 35,000 expenses 39,000 62,000 Capital expenditures 39,000 The company expects to sel about 10% of its merchandise for cash of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, Insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in January, and the manual property thes are paid in December of the remainder of the manufacturing costs, 80s are expected to be paid in the month in which they are incurred and the balance in the following month Current set as of September 1 include cash of $39,000, marketable securities of $55,000, and accounts receivable of $113,600 (124.600 from July sales and 509,000 from Augustsales). Sales en cont for July and August were $82,000 and $29,000, respectively. Currenties of September 1 Indude $7.000 of accounts payable incurred In August for manufacturing costs. Al selling and administrative expenses are paid in Chin the period they are incurred. An estimated income tax payment of $15,000 ! be made in October tridgeport regular quarterly dividend of 8,000 is expected to be ordered in October and paid in November Management desires to maintain minimum cash balance of $38.000 Required: 1. Prepare a monthly cash budget and supporting schedules for September October, and November Aume 360 days per year for interest calculation Bridgeport Housewares Inc Cash Budget For the Three Months Ending November 30 Ow My