Calculator Cash Budget Print Item The controller of Bridgeport Housewares Inc. 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 $129,000 $156,000 $210,000 Manufacturing costs 54,000 67,000 76,000 Selling and administrative 47,000 80,000 expenses Capital expenditures - 50,000 The company expects to sell 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 $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. 45,000 Current assets as of September 1 include cash of $49,000, marketable securities of $70,000, and accounts receivable of $143,900 ($113,000 from July sales and $30,900 from August sales). Sales on account for July and August were $103,000 and $113,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $19,000 will be made in October. Bridgeport's regular quarterly dividend of $9,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $48,000 Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume 360 days per year for interest calculations. Bridgeport Housewares Inc. Check My Work 8 Previous Next Required: 1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume 350 days per year for interest calculations Bridgeport Housewares Inc. Cash Budget For the Three Months Ending Novembro September October November THU H LAN HU . 1000 Les estimated cash payments for: Other purpose 2.79% All work saved Save and were for Grading Less estimated cash payments for Other purposes 100 i doled di ljudi Cash balance at end of month Borney 2. On the basis of the cash bude prepared in partilha recomendach t The budget indicates that the minimum cam balance be maintained in November. This situation can be corrected by of the marketable securities, they are held for such u s. At the end of September and the can the minimum desired balance by the Check My Work