Cash Budget The controller of Bridport Hores 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 Sa 5118,000 $142.000 $107.000 $ Manulduring costs 50,000 61 000 71,000 Selling and administrative 41,000 43,000 25,000 Capital expandlr 47,000 The company sixpds 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 properly lax expense represent $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in laruary, and the annual property taxi are paid in December of the rainder of the manufacturing cots, 80% are expected to be paid in the month in which they are incurred and the balance in the following month Current of September 1 induce cash of $45.000, marketable securities of $54,000, and accounts receivable of $131,200 (528,200 from July sales and $103.000 from August sales). Sales on account for July and August $94,000 and 103,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing Cats All Selling and administrative expenses are paid in cash in the period they are incred. An estimated income tax payment of $17,000 will be made in Octobat. Bridgeport's regular quarterly dividend of 9,000 is expected to be cleared in October and paid in Nembar. Management desires to maintain a mi cash balance of $4,000. Required 1. Prepare a monthly cash budget and supporting schedules September October, and November. Assume 360 days per year for interest calculation Bridgeport Housewares Inc. Cash Budget For the Three Months Ending November 30 September October November Estimated carpts from Cash sales 11.100 14.200 19,700 Collection of accounts receivable 99,000 X 11,600 50,000 61.000 71.00G 41,000 42.000 75.DOG teal cash starts Listads for Manufacturing costs ing costa Selling and administrative expenses Capital expenditures: purposes Income tax Dividends Total cash payments Cash increase or decrease) Plus cash balance at beginning of month Cash balance at end of month Les minimum cash balance UD INDIDIN budio podnio Exco (duny) Fedhack