Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available a. b. The cash balance at the beginning of September is $13,300 Actual sales for July and August and expected sales for September are as follows: July August September Cash sales Sales on account $ 5,600 S 4,200 $ 7,600 20,000 35,000 42,000 Total sales $ 25,600 $39,200 $49,600 Sales on account are collected over a three-month period as follows: 5% collected in the month of sale, 60% collected in the month following sale, and 31% collected in the second month following sale. The remaining 4% is uncollectible Purchases of inventory will total $30,000 for September. Thirty percent of a month's inventory purchases are paid for during the month of purchase. The accounts payable remaining from August's inventory purchases total $20,000, all of which will be paid in September. c. d. Selling and administrative expenses are budgeted at $14,000 for September. Of this amount, $3,000 is e. Equipment costing $20,000 will be purchased for cash during September, and dividends totaling $5,000 f. The company maintains a minimum cash balance of $9,300. An open line of credit is available from the for depreciation. will be paid during the month company's bank to bolster the cash balance as needed Required 1. Prepare a schedule of expected cash collections for September. (Do not round intermediate calculations.) Schedule of Expected Cash Collections September cash sales September collections on account: July sales August sales September sales Total cash collections