Calgon Products Calgon Products needs a cash budget for September. The following information is available: a. The cash balance at the beginning of September is $9,000. b. Actual sales of July and August and expected sales for September are as follows: September $ 7,400 40,000 $47,400 August $ 5,250 30,000 $35,250 July $ 6,500 20,000 $26,500 Cash sales Sales on account Total sales Sales on account are collected over a three-month period in the following ratio: 10% in the month of sale, 70% in the month following the sale, and 18% in the second month following the sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $25,000 for September. Twenty 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 $16,000, all of which will be paid in September. d. Setling and administrative expenses are budgeted at $13,000 for September. Of this amount, $4,000 is for depreciation. e. Equipment costing $18,000 will be purchased for cash during September, and dividends totaling $3,000 will be paid during the month. f. The company must maintain a minimum cash balance of $5,000. An open line of credit is available from the bank to bolster the cash position as needed. Required: Prepare a cash budget for September. Indicate in the financing section any borowing that will be needed during September