Cash Budget The contrater of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. Vu are presented with the following information Sales Manufacturing costs Seling and administrative expenses Capital expenditures May $114,000 $140,000 $189,000 4,000 60,000 10,000 33,000 38,000 42,000 45,000 June July The company expects to sell about 50% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the more folowing the sale and the remainder the following month (second month following sele). Depreciation, insurance, and property tax expense represent $10,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are pet in November Of the remainder of the nig costs, 80% are expected to be paid in the month in which they are incumed and the balance in the towing met Current assets of May 1 include cash of $43,000, marketable cuties of $62,000, and accounts receivable of $127,300 (100,000 from April and $27,300 Marsh sale Sales on account for March and Apri 191.000 and $100,000, respectively Cument labies as of May 1 de $11,000 of accounts and in April for manufacturing costs Al seling and administrative expenses are paid in cash in the period they be made in June. Sonoma's regular quanteny dividend of $10,000 is expected to be declared in June and sed in July, Megment balance of $34,000. Required 1. Prepare many cash budget and supporting schedules for Rayne, and July trout all amou Cash Budge For the Three Months Ending July 31 Colchon of alm 83 54 May July 888 % 35 5 91 & 57 41 2 19 2 10 1950 +4